PTI Govt’s Tax Amnesty:  Past facts and the path forward

Tax Amnesty

PTI Govt’s Tax Amnesty: 

Past facts and the path forward

By:

Omer Zaheer Meer,

CFA (USA), CPFA (UK), FCCA (UK), CA (ICAEW – UK), AMLE (UK)

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Links of Published Versions of Article:

Tax Amnesties in Pakistan:

The first ever and one of the more successful tax amnesty schemes in Pakistan was launched during Ayub Khan’s era in 1958. It resulted in a collection of approximately PKR 1.12 billion which equaled to US $ 0.24 billion approximately and around 71,289 people came within the tax net by making declarations. General Yahya Khan also launched a tax amnesty scheme in 1969 but ended up adding only 19,600 taxpayers with declared assets of just PKR 920 million. Zulfiqar Ali Bhutto’s tax amnesty in 1976 saw the number of people declaring assets decline drastically with assets worth only PKR 270 million declared. The scheme by General Zia’s government was a disaster. The PMLN government’s tax amnesty scheme in 1997 could add assets of PKR 141 million only.

In 2000 General Musharraf’s amnesty resulted in assets declaration of $3 billion approximately and has been the most successful one in terms of revenue collection. Prior to this, in the three tax amnesty schemes by PML- government, only 128 people declared their assets. Later on, PMLN’s 2016 tax amnesty saw just 10,000 declarations and a meager PKR 0.85 billion declared. However, the 2018 amnesty by PMLN was able to garner closer to a $ 1 billion but didn’t result in any significant change in the tax compliance culture. This shows that the disease of tax evasion and the curse of black money has been engulfing Pakistan since its early years.

Recently, there has been a lot of hue and cry over the Assets Declaration Ordinance, 2019 by the Pakistan Tehreek-e-Insaf Government that is commonly referred to as the “Amnesty Scheme”. The opposition has termed this as an opportunity for the near and dear ones of the Government to whiten their “black monies” which is factually incorrect as the political office holders and those related to them are barred from this scheme. Similarly, the opposition is also claiming it to be a copy of the amnesty scheme introduced by PMLN. As a result of these accusations, there is a lot of confusion as to what exactly is this scheme, is it any different from the last one by PMLN Government and whether it can help the stated objective of helping in the widening of the tax base. Let us briefly examine these questions in this write-up in an objective manner.

 Overview of the Assets Declaration Ordinance, 2019 (The Amnesty):

The above titled ordinance has been promulgated allowing undisclosed, unreported and/or under-reported assets, sales and/or expenditures upto 30th June 2018 and/or the “benami” assets acquired or held on or before the date of declaration to be legally declared for the payment of very low “taxes”.

The Scope is clarified in the section “3” of the ordinance as below:

“Subject to the provisions of this Ordinance, any person may make, on or before 30th June, 2019, a declaration only in respect of any—

  • undisclosed assets, held in Pakistan and abroad, acquired up to 30th June, 2018
  • undisclosed sales made up to 30th June, 2018
  • undisclosed expenditure incurred up to 30th June, 2018; or
  • benami assets acquired or held on or before the date of declaration;”

 

“The Prime Minister still enjoys tremendous trust in his personal integrity and also retains his charisma, but the general atmosphere of uncertainty is severely damaging”

 

Important Conditions for the Declaration

  • Any cash held in Pakistan which is to be declared will have to be deposited into the declarant’s bank account(s) and kept in the account(s) till atleast June 30, 2019.
  • Any foreign liquid assets repatriated to Pakistan under the scheme are required to be deposited into declarant’s own bank account(s) locally or invested in Pakistan Banao certificates or any foreign currency denominated bonds, issued by the Federal Government.
  • Any foreign liquid assets declared but not repatriated back to Pakistan under the scheme, in addition to being taxed at higher rate, must be deposited into the declarant’s foreign bank account(s) on or before 30th June 2019.

The Exclusions

Importantly, the ordinance or as it is commonly referred to as, the amnesty is not applicable to the following:

  1. holders of public office and their dependents as well as any of their benamidars if applicable,
  2. a public company as defined under clause 47 of section 2 of the Income Tax Ordinance 2001;
  3. matters where proceedings are pending in the court of law,
  4. matters where the proceedings have attained finality under the respective tax laws,
  5. matters where the proceeds or assets involved are derived from a criminal offence,
  6. gold and precious stones,
  7. bearer prize bonds and
  8. bearer assets

TAX RATES AND VALUES

 

Class of Assets/Income/

Expense

 

Value

 

Applicable

Tax Rates

 

Domestic Immovable Properties – Land

 

Higher of the 150% of value prescribed by the FBR under section 68 of ITO or 150% of DC value

 

1.5%

Domestic Immovable Properties – Constructed Atleast 150% DC value where FBR value has not been notified for constructed property 1.5%
 

Foreign Liquid Assets not repatriated

 

Higher of the Fair Market Value or cost, determined using  exchange rates prevalent at the  declaration date.

 

6%

 

Foreign Liquid Assets            Actual Value  Repatriated

 

                                4%

 

Unexplained Expenditure

 

Higher of the Fair Market Value or cost

 

4%

 

Undisclosed Sales                   Actual Value

 

                                 2%

 

All assets except domestic immovable properties

 

                                 4%

Timeline

While the declaration needs to be made by 30th June 2019, the tax can be deposited later by paying additional amount of default surcharge other than the tax rates discussed above, as outlined below:

Default Surcharge

 Sr. No        Time of payment of Tax

 

 

Default Surcharge Rate

 

1.       01st July 2019 to 30th September, 2019

 

   10%

2.       01st October 2019 to 31st December, 2019    20%
3.       01st January 2020 to 31st March, 20120     30%
4.       01st April 2020 to 30th June, 2020     40%

Miscellaneous Provisions:

Confidentiality

While maintain confidentiality of declarations under the ordinance is required but unlike the Previous Scheme, there are no provisions in the Ordinance for imposition of fine / for imprisonment of any person in breach of confidentiality provisions.

Protection from Prosecution

The contents of the “amnesty” declaration(s) cannot be admitted as evidence(s) against the declarants(s) for the purpose of any proceedings relating to imposition of penalty or for the purpose of prosecution under any law.

 Anti-Abuse Provision

An important anti-abuse provision, which was not included in the previous scheme by PMLN is that the declarants won’t be able to claim any allowance, credit or deduction in respect of the assets declared and incorporated in the books in consequence of such declaration. In simple terms, this would mean positive impact re tax compliance in future.

Key differences as compared to the PMLN’s Amnesty:

Below are the key differences of this current “amnesty” scheme as compared to the PMLN Government’s amnesty scheme:

  1. The requirement to deposit any cash in local or foreign bank accounts would mean that the fraudulent declaration made by exaggeration with the hopes of continuing the mal-practices in future with having the “buffer” of excess declared cash to “cover” the future revenue streams would end.
  2. The anti-abuse provision discussed above.
  3. Inclusion of broader categories of income streams, assets, expenses and sales within the scope.
  4. More impetus of fairer and market values as evident from 150% of FBR or DC values’ requirements mentioned above.
  5. Comparatively higher rates of tax.
  6. Introduction of timeline for “late” payments with default surcharges.
  7. Lack of penal clause in case of the breach of confidentiality.
  8. Some of the exclusions.

 The reservations, impact and the way forward:

There is a well supported argument that any amnesty, generally speaking sends out a wrong message to the masses and businesses in particular as effectively the wrongdoers ends up getting a better deal without any severe reprimand. This has psychological and practical ramifications for compliance in the long term.

However, at times the economic situation does require the use of such schemes. There were other better options to achieve the stated goals of this scheme. However, there are certain things which are positive about this scheme including the requirements to deposit the cash in the bank, the focus on fair market values, introduction of later payments with default surcharges and the anti abuse provision. Certainly, there is always room for improvement and this scheme could have been made even better.

The most important challenge however would be to address the uncertainty. While, Prime Minister Imran Khan still enjoys tremendous trust in terms of his personal integrity and also retains his charisma, the general atmosphere is one of uncertainty which is severely damaging. Unfortunately, this is mostly stemming from an un-accountable media spree of speculations and negative reporting in general baring a few exceptions. To make the point, let us recall that the last amnesty by the PMLN Government only really took off when the CJP announced that the court was not to review it leading to the confidence of the potential declarants. So firstly, this uncertainty needs to be curbed for this scheme to be successful.

Secondly, the relevant authorities need to run public campaigns and demonstrate that they have the information gained via OECD multilateral convention about Pakistani residents’ offshore accounts and are further strengthening the mechanism to launch a compliance drive immediately following the amnesty. Announcement of such a compliance drive with details of the penalties and timeline, widely publicized in the print and electronic media as well as on social media and along-with the curbing of the uncertainty can and will lead to the success of this scheme.

 The writer is a leading economist and tax expert who holds five top professional finance, investment and accountancy qualifications CFA (USA), CPFA (UK), FCCA (UK), CA (ICAEW, UK) & Anti-Money Laundering Specialization along-with substantial experience and represents Pakistan on Global Tax Forum while sitting on the boards of several think-tanks. His profile can be accessed at: https://omerzaheermeer.wordpress.com/about

Technocrats Crises in PTI Government: Problems & Solutions

Links of Published Versions of Article:

Technocrats Crises in PTI Government:

Problems & Solutions

 By:

Omer Zaheer Meer

CFA (USA), CPFA (UK), FCCA (UK), ACA (ICAEW – UK), AMLE (UK)

Prelude:

The economy of Pakistan is in a quagmire with many naysayers painting a doomsday scenario. They’d like you to believe that rock bottom has been hit and there’s no way out. But that’s not true. The change promised by Prime Minister Imran Khan is very much deliverable. His famous and often quoted claim of a 100% increase in taxation revenues is practical and achievable. The solutions are there, out-of-box solutions which “Status  Quo” advisors & bureaucrats would never be able to conceive and/or want to implement. Read on to know more about it.

The fortune and the misfortune:

PM Imran Khan is very lucky as he has a repute of being extremely honest, hardworking and well-meaning. Even his political opponents admit this in private and try to criticize him by attacking his currently deputed team(s). It is a strange predicament for the reasons outlined below.

PTI is also very fortunate political party as it has accumulated the finest of talented Pakistanis including lot of able and proven technocrats. These are the same people who used to stay away from even casting their votes let alone getting indulged in politics. But to his credit, PM Imran Khan changed their way of thinking and made them believe in change. To appreciate the magnitude of this blessing, just realize this that even Zulifqar Ali Bhutto or our great Quaid e Azam did not have as many talented people at their disposal. They had to make do with whatever was available. Our father of the nation himself termed the people he had in his team as mostly “khote sikke”.

There is however a problem. There is no bridge between the PM and the talented people in PTI with the same fire in their hearts as him and the same faith in his vision and leadership as he do.

During its opposition years, the PTI established a shadow cabinet by the name of “National Policy Council”. It had different teams, each headed by a top technocrat to work on the challenges for specific key ministries

Nearer the Church, farther from God:

While, PM Imran Khan is working tirelessly to make things happen and for this looking everywhere to bring in people with technical expertise, for some unknown reasons, the same is overlooked within his party. The insiders within PTI circles confide that the appointments being made are largely based on groupings sans any merits with people having no technical expertise been nominated on highly technical positions in contradiction to the PM’s own vision.

Non-technocrat political workers can and should be accommodated in thousands of non-technical positions. The technical positions however should be left for the technical members of PTI for these positions not only demand highly specialized skill sets but will also determine the outcome and legacy of PM Imran Khan’s government.

There should be a mechanism to identify and link the technocrats within PTI with the leadership in a non-partisan manner. Perhaps, some neutral technocrat within PTI would be best suited for this endeavor to avoid groupings and factions impacting the process.

The three keys to success:

There are three key requisites for success in achieving the PM’s dream of reforms. Normally the discussions about reforms and particularly the keenly discussed topic of reforming the revenue authorities and infrastructure, focuses on competency of key personnel, which is certainly important. What’s missing though, are couple of other equally vital bits.  They’re:

  • party affiliation so there is belief in the vision of the PM and
  • out of box thinking of a doer

The Enigmatic Resemblance:

There’s an uncanny resemblance between the untapped Pakistan with all the gifts of the nature, be it gold, copper, oil, coal, e.t.c. or the unexplored potential of tourism and PTI as a political party filled with all these untapped gifted professionals waiting to be utilized for the good of the country. This resemblance is enigmatic.

Like the symbols, the cures of the diseases are also similar. PTI, just like Pakistan, needs to explore its untapped resources of great minds of technocrats within.

The Reworked Bhutto Solution:

Despite all his ills and issues, Bhutto is normally billed as a genius; some even call him an evil genius for that matter. Irrespective of which side of the divide you are, one thing is for sure that the man knew politics and ground realities of South Asia.

Isn’t it astounding that almost four decades after his demise, he’s still alive in the hearts of millions despite all that unruly and disastrous stuff that has been done in his name, more so in Sindh than elsewhere? What is the magic about him then? Well there are a few. We’ll be discussing briefly the one concerning the topic at hand.

Bhutto famously appointed PPP workers at all key positions claiming that as people voted for his party to implement the agenda, only those loyal to that agenda can help achieve that. He questioned the loyalty and “merits” of the bureaucracy, e.t.c. He did go overboard to the extreme of appointing people solely on the basis of this criterion, leading to often incompetent or illiterate persons on key positions. Still, lessons derived from this can be used to put in motion the “reworked Bhutto solution”.

PTI’s Technocrats:

The solutions should simply involve using a mechanism to identify top quality technocrats within PTI and appointing them at key positions to implement PM Imran Khan’s vision. Care must be taken to ensure that technical competence, relevant experience, out of box thinking, knowledge of the local workings and a proven track record are there. It is vital that the processes be built and run by able technocrats within PTI and not those bound to oblige their groups sans merit.

FBR’s new Chairman:

Just this week, the new Chairman of FBR was announced and notified amid much hue and cry. Mr. Zaidi, a respected Chartered Accountant having no known previous affiliation with PTI and an ex Cabinet Member of the Caretaker Sindh Government setup primarily nominated by the PPP, was the choice. This speaks volume about the problem we’ve been discussing.

The idea was that someone “neutral” and “competent” from the private sector must be tried, having already tried both customs and income tax group officials as well as bureaucrats from other segments, without anyone delivering the “success” and “reforms” desired. However it resulted in two major issues.

The first problem stems from the manner in which this was executed. It’s hard to imagine how nobody was able to point out the famous “Ali Arshad Hakeem” case and take the then incumbent Chairman FBR as well as the board members into confidence before the announcement.

PM Imran Khan, being his bold and confident self, did the best possible to salvage a dire situation.

More importantly, this perfectly showcases the issue of being “nearer the church, farther from God”. The appointment practically meant that PTI felt it did not have anyone of a caliber matching Mr. Zaidi let alone be better. With all due regards to Mr. Zaidi, that is not the case and this is why PTI needs to get its house in order.

PTI National Policy Council Revenue Team:

During its opposition years, PTI established as shadow cabinet by the name of “National Policy Council”. It had different teams, each headed by a top technocrat to work on the challenges for specific key ministries. I was honored to Chair the “Revenue Team”.

Link of National Policy Council Notification

As Chairman of this team, I should disclose that PTI had a full fledge Revenue team working on reforms agenda which continuously and successfully assisted the leadership for several years including during the tough period of being in opposition. The work involved besides other areas, identifying both the major issues and their solutions concerning our taxation framework. Some of the proposals were even shared with other countries in a similar state of affairs as Pakistan at Global forums and these were hugely appreciated. This untapped treasure of PTI should be utilized and implemented. The details of such proposals shall be shared in my future write-ups so keep watching this space.

 Omer Zaheer Meer is a leading economist and tax expert who holds five top professional finance, investment and accountancy qualifications including anti-money laundering specialization along-with substantial experience and represents Pakistan on Global Tax Forum. His profile can be accessed at: https://omerzaheermeer.wordpress.com/about

 

Perfect New Year’s Gift – The Genius Jurist

Dear Reader,

Peace be on you. They say a picture speaks a thousand words so how many words will a picture with words speak?

Read the image below for a historic, pioneering and unique work. This recently published book is a fantastic new year gift for all particularly legal practitioners, academics, researchers, historians and students.

Communicating Members’ Voices – Meeting with ACCA CEO

Communicating Members’ Voices – Meeting with ACCA CEO

Dear Readers,

Peace be on you all,

Had a very productive meeting with Ms. Helen Brand, CEO of ACCA, the largest global accountancy body in human history. In all my interactions, I’ve always found her to be very articulate and a methodical professional, yet at the same time being a very humble and friendly person.

Vital proposals regarding ACCA fraternity and brand, culminated from the feedbacks of the members and the collective wisdom of representatives, were shared and discussed at length with her and Sundeep Takwani. Sundeep is also an impressive professional.

Although it was peak period professionally, the importance of advocacy and contributing to my Alma-mater & wider society meant that I took extra time off work. And it was well worth it. The contents of the discussions were confidential, but let me share that ACCA believes in Thinking Ahead so look forward to the exciting times and initiatives ahead.

SAJJEED ASLAM, FCA arif mirza Ayla Majid Brian McEnery

 

CLICK HERE to visit my Channel

1-original

A Visit to the Scottish Parliament – Lessons in Democratic Norms

Dear Readers,

Peace be on you all,

In this post I’m sharing a fantastic experience of witnessing a true modern  democracy at work during my visit to the Scottish Parliament. When I reached, there were a couple of small protests going on right in front of the main entrance of the Parliament.

With people protesting outside, the parliamentarians kept addressing the issues inside in the debating chamber in front of their electorate. The openness, transparency & accountability while giving respect to the voices of the voters, is how it is supposed to be.

Giving respect to the masses while holding the representatives accountable is the true essence of a real democratic system.

It is a lesson for countries all over the world. What’s worth mentioning here is that although Romans had a semi-democratic setup, that was largely selective. The first model of a true modern democratic setup was established by Prophet Muhammad PBUH in the state of Medina.

Let’s hope we get to see further improvements in democratic setup of Scotland and the rest of the world.  I’ll now sign off by sharing that the Scottish people are very friendly and have a good-nature.

Enjoy the pictures below and see you here soon with the next blog post.

 

ACCA Budget Proposals 2018-19

Dear ACCA Members and the entire Professional Accounting and Finance fraternity,
Peace be on you all (Assalam O Alikum),

This somehow, seemed to have been missed by my team.

Anyhow for records purposes, it’s with great pleasure that I, as Chairman ACCA Taxation Committee, share ACCA’s Budget proposals. We started with twelve global taxation tenets of ACCA and in addition to other core recommendations, covered the game-changing recent technologies and CPEC, which has not been done by any other organization so far. This will be our USP. Similarly some of our proposals for structural reforms and for amendments in tax laws are also unique.

As for sectoral proposals, some key sectors are covered. For others, you have viewed the proposals by our team which were mostly standard and covered within the Income Tax and Sales Tax sections.

These are been widely shared with key stakeholders and some of our proposals have been adopted by the Government and more are expected to be in the budget. I hope you’ll find this informative and share in your circles with pride in ACCA brand. We look forward to receiving your kind feed-back and will share about the the pre-budget sessions with your good-self too.

ACCA’s Budget Proposals’ Link

Kind Regards,

Omer

Millennium Law and Corporate Company (MLCC) – The Pioneer ACCA Practising & Legal Firm in Pak

Millennium Law and Corporate Company (MLCC) – The Pioneer ACCA Practising & Legal Firm in Pak

Dear Readers,  Peace be on you all,

It is a pleasure to introduce Millennium Law and Corporate Company (MLCC), the Pioneer ACCA practicing & legal firm in Pakistan to your good-selves. Please read this post for the introduction.

  1. Company Name: Millennium Law and Corporate Company (MLCC)
  2. Web: http://www.mlcc.pk
  3. Contacts: 042-37242434  / 0322-4219292
  4. Emails: ozmeer@mlcc.pk
  5. Address: Bashir Mansion, 2 Turner Road, Masjid AG Office , Lahore, Pakistan

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Click here for: Key Associations & Profile Published by ACCA

 

Profile of Millennium Law & Corporate Company

  • 30 + Years’ “Young”

Millennium Law & Corporate Company (MLCC) has a background of thirty (30) years plus history of professional excellence stemming from its parent practice. It used to be focused solely on legal practice including corporate matters.

  • Way Forward – One stop solution

MLCC was expanded to include a new division for providing further corporate services too. This led to the expansion of the services to include areas such as taxation, accountancy, finance, corporate (SECP) services, internal audit, statutory audit, assurance, advisory, risk management, BPO and professional trainings in addition to legal matters within the services offered by MLCC.

All areas are handled by specialized teams of qualified Chartered Certified Accountants, Chartered Accountants, Chartered Financial Analysts, Chartered Public Finance Accountants and/or Senior Advocates delivering excellence.

  • Partners

The firm operates with specialized teams dealing with relevant areas under four (4) partners, two of whom are qualified and experienced Chartered Certified Accountants members while one is an ex legal advisor Federal Land Commission (Government of Pakistan) and another is an ex deputy Attorney General of Pakistan.

  • Pioneer ACCA Practising Firm in Pakistan

In 2015, the Association of Chartered Certified Accountants (ACCA) took a giant leap in Pakistan and initiated practising license program for the country.

  • MLCC became the pioneer Legal & Accountancy practising firm in Pakistan with
  • Mr. Omer Zaheer Meer FCCA Managing Partner, (Corporate Services & Taxation) at MLCC being awarded the first ever ACCA practising license in Pakistan.

Before that history was made when:

  • Omer Zaheer Meer FCCA became the first ever ACCA member to get admitted to the prestigious Lahore Tax Bar Association (LTBA).
  • He was later joined by Mr. Ali Zaheer Meer ACCA who is now a partner at MLCC and another ACCA member at LTBA.

Millennium Law & Corporate Company has built a reputation for quality services based on value creation and issue resolutions with time-specified deliverables. Integrity, transparency and  confidentiality are the hallmarks of the services delivered.  It is now the premier ACCA practising firm in the country and one of the leaders in the taxation, advisory and corporate services sectors.

  • Distinguished Collaborations

MLCC through its partners is currently representing Pakistan at the Global Tax Forum (UK), Chairing the Taxation Clinic at LCCI, Chairing the MNP (equivalent of local council) of ACCA in Pak, Chairing the Liaisons and sitting on the publication committees of LTBA, Chairing the Taxation Committee of ACCA and several think-tanks including Hamdard Thinkers’ Forum and Millat Thinkers’ Forum. Furthermore, has also been represented at the Taxation Committee of Lahore Chamber of Commerce and Industry besides been associated with several professional bodies and institutions such as:

  • CFAI (Chartered Financial Analyst Institute) – USA
  • UKSIP (UK Society of Investment Professionals) – UK
  • ACCA (Association of Chartered Certified Accountants) – UK
  • CIPFA (The Chartered Institute of Public Finance & Accountancy) – UK
  • PRMIA (Professional Risk Managers’ International Association) – USA
  • PRIMA (Public Risk Management Association) – USA
  • LTBA (Lahore Tax Bar Association) – (Pak)
  • LCCI (Lahore Chamber of Commerce & Industry) – (Pak)
  • MPDD {Management and Professional Development Department} – (Pak)
  • Hamdard Thinkers’ Forum – (Pak)
  • Millat Thinkers’ Forum – (Pak)

MLCC’s clientele also includes some of the most distinguished names including several parliamentarians, corporations, public sector entities as well as the SME sector. Out key clients and/or associations along-with the report on MLCC published by the largest global accountancy body ACCA can be found at the link below:

Why was MLCC started?

Managing Partner’s Views:

It is my strong and educated belief that the professional qualification and a proper rigorous training program equips one with the relevant skills, education and expertise to be the best not just technically but on the value addition side of being an entrepreneur.

With an early start to my career resulting in sufficient experience, On my return to Pakistan from UK, I felt it was the right time to launch an ACCA practising firm. Also it was an opportunity to contribute back to the profession and professional fraternity in several ways.

However ACCA did not have a local practising license back then. Nevertheless we upheld the brand ACCA and pioneered in an area deemed alien for ACCA members at the time, i.e. local taxation. We were lucky to have an existing track record of several decades of a quality legal firm. This was expanded into the pioneer quality Accountancy and Legal firm in Pakistan.

Within a short span of time we stood out from the crowd delivering excellence and quality beyond norms of the market. We then started expanding into other areas such as corporate services, advisory, audit, advisory, assurance, risk management, e.t.c. with equally good results.

The milestones so far

Since becoming the pioneer Accountancy and Legal practising firm in Pakistan, some of the major milestones achieved by MLCC are outlined below:

  • Establishment of our non-legal services headquarter at the prime location of Bashir Mansion, 2 Turner Road, Lahore which is opposite FBR, close to Appellate Tribunal, behind Lahore High Court, adjacent AG Office and practically in the hub of all the action.
  • Joining of Mr. Ali Zaheer Meer as the second ACCA partner of the Firm
  • Expansion intro value addition areas beyond taxation including internal audit, advisory, risk management, corporate services, e.t.c.
  • Award of the practising license and hence becoming the pioneer ACCA & Legal practising firm in Pakistan
  • Start of our training division
  • Establishment of a branch offices for facilitation of our clientele.
  • Partnership with ACCA Pakistan for the CPD trainings of ACCA fraternity and beyond
  • Attendance of our CPD programs and training events by high-profile professionals including owners, directors and even non-ACCA partners of other renowned firms
  • Publication and launch of a research study on indirect taxation across the MESA (Middle-East and South-Asia region) in collaboration with ACCA and EY
  • Working with top names in various sectors including the likes of National Bank of Pakistan, Habib Bank Limited, MPDD, ACCA, LCCI, KCCI, LTBA, HBL, e.t.c.
  • Launch of our ACCA trainees induction program

Advantages and benefits of dealing with MLCC

We offer several benefits for the business community, professional fraternity and the society at large. Some of the major ones include:

  • Global exposure with strong Local ties and connections
  • Well qualified and experienced teams
  • Quality services
  • Excellence focused
  • Results oriented
  • Timely and efficient deliverance
  • Opening up of new possibilities
  • Increased efficiency
  • Collaborations
  • Peace of mind