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

Advocacy & Professional Training Session at AzkoNobel

  • Represented ACCA
  • Shared technical expertise, knowledge & experience
  • Delivered Professsional Insights session
  • Interactive Q&A
  • 100% positive & 5 star feedback

Advocacy & Professional Session on EI at PEL

  • Represented ACCA
  • Shared technical expertise, knowledge & experience
  • Delivered Professsional Insights session
  • Interactive Q&A
  • 100% positive & 5 star feedback

 

Pakistan’s 2nd to None

At a top financial institution with participants after completing a project on  . A long day can be tiring but professionally rewarding if successful.

I’ve always believed and my belief keeps on strengthening that we only need to garner the abilities of our people in a just way while focusing on education.

In terms of brilliance, hardworking people and potential,  is 2nd to none

ACCA Pakistan “Working Group on Taxation”

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Assalam O Alikum (Peace be on you),

The above is a picture from one of the events launching ACCA’s last pre-budget proposals. We’re planning for a revamp of the ACCA taxation committee and opening up to have some more competent professionals join us with their valuable contributions for the profession, country and their Alma-mater.

Below is the snapshot of a recent email from ACCA to members across Pakistan. Please feel free to share this in your circle and get in touch if you’re the right person.

Dear ACCA Members
ACCA Pakistan MNP has decided to setup a working group under the Taxation Subcommittee. The objective of this working group will be to interact with the Federal Board of Revenue initially and expand its remit to the Provincial Revenue Authorities under the leadership of Omer Zaheer Meer, FCCA, Head of Taxation Sub Committee, ACCA Pakistan and offer the following:

  • Provide regular feedback and suggestions on circulars/policy matters pertaining to taxation
  • Prepare budget proposals (initially federal and later on expand them to the provincial proposals too) and forward them to Federal and Provincial Ministries of Finance.
  • The budget proposals should be prepared in such a way that they present a holistic as well as sectoral suggestions for Pakistan’s Annual Budget
  • Discuss, deliberate and critically evaluate issues pertaining to taxation and present the critical evaluation to Federal and Provincial
  • Profile the ACCA Pakistan Members Network Panel and the subcommittee to the taxation regulators in Pakistan

This working group will consist of 3-5 members working in the taxation sector in strategic positions with considerable experience of the sector. Members with a diverse view point on taxation of different business sectors are encouraged to share their CVs and a personal statement describing their claim to merit for these position with us.

Those members who are keen to join this working group should send us their CV and personal statement by replying to this email. We will look forward to your responses by 24 February 2017.
Haroon A Jan
Regional Head of Member Affairs – MENASA
ACCA Pakistan
61-C  Main Gulberg  Lahore Pakistan

Kind Regards,

Omer Zaheer Meer,

Managing Partner,

Millennium Law & Corporate Company

Announcement of Exceptional Public Value Award by ACCA

Dear Readers,

Peace be on you!

It’s with extreme pleasure that I announce that the prestigious Exceptional Public Value Award is to be awarded to myself by Ms. Helen Brand, OBE, CEO ACCA (the largest accountancy body globally). I’ll share the details with you after receiving the award, Insha Allah.

I’m honored by this privilege and grateful to ACCA for the recognition of my:

“contributions in the field of Budget and Taxation including but not limited to

  • the drafting of Anti-Graft Legislation focused on Undisclosed Foreign Income & Assets which was later adopted by the Treasury,
  • work done on the Regional Research Study on Indirect Taxation across South Asia and UAE,
  • MOU’s with Tax Bars,
  • Collaborations with Chambers of Commerce and Tax Bars,
  • Pre & Post Budget proposals and seminars,
  • continued member education events particularly on Taxation and
  • opportunities created through R&I sessions with key employers.”

Last but not the least, I’m thankful to you all for your support and prayers particularly my parents, siblings, mentors, colleagues and friends.

acca-exceptional-public-value-award

Regards,

Omer Zaheer Meer