Lahore, March 26, 2019 (PPI-OT): Tax planning strategies are vital for success of a business, as the taxes are directly linked with the financial and business goals of an enterprise. It was observed by Mr. Iqbal Kidwai, Secretary General, Pakistan Chemical Manufacturers Association (PCMA) while speaking at opening ceremony of a one day help Desk organized at PCMA head office in collaboration with SMEDA on “Tax Management and Planning for SMEs”.
The expert speaker of the session was Mr. Muhammad Awais Khan (Affiliate ICAP, PIPFA, CFIA and CIA-USA), having more than 11 years’ experience in Corporate, AOPs and Individual Tax Management. A good number of professionals, Heads of Accounts, Managers of Finance, and internal auditors participated in this session. The help desk was a part of SMEDA’s National Business Development Program – NBDP Program.
Secretary General PCMA Mr. Iqbal Kidwai emphasized that the profile of tax has become much more visible not only from an investor and board perspective but also from a tax authority and public perspective. There are a significant number of taxes that organizations and individuals are exposed to and the tax values are enormous. Thus, the management and planning of tax and its related risks are core issues regardless of the size of business. He further highlighted that Tax planning strategies are vital for a business as they are typically employed to help a business achieve their financial and business goals.
The expert speaker Mr. Muhammad Awais Khan provided counselling, on this occasion, to the participants on how to manage their Federal and Provincial Taxes, Functional Correspondence with Income and Sales Tax Departments, Filling of income and Sales tax returns along with Withholding of Sales and Income Tax statements.
Further he also briefed the participants on how to gain more expertise in advanced financial reporting, Financial Management and Enterprise Resource Planning (ERP). He also highlighted that Tax planning is the analysis of a financial situation in tax perspective. The purpose of tax planning is to ensure tax efficiency, he said adding that through tax planning, all elements of the financial plan work together in the most tax efficient manner.
The participants, expressing their views on this occasion, acknowledged that workshop was very helpful to develop knowledge and understanding in the core areas of Income Tax and its chargeability as envisaged in the Income Tax Ordinance 2001, Income Tax Rules 2002, Sales Tax Act 1990 and the Sales Tax Rules.
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