ACCA role in pakistan consultancy field

[samm1087]

hello
can anyone guide me that an ACCA qualified person role in terms of consultancy according to pakistan law e.g (fbr)
what services an ACCA qualified person provide to pakistan clients
in terms of , Tax consultancy ,financial consultancy , to small or medium size business etc & extent to which these service he can provide in terms of setting up his own firm or business
IN SHORT I WANT TO ASK ELIGIBILITY CRITERIA TAX CONSULTANT OF FBR
IN TERMS OF ACCA
also elobrate scope of these consultancy servise in pakistan as compared to job sector
professionals like kamran bhai ,& other plz guide with ur precious coments

[kamranACA]

ACCAs can engage in advisory/consultancy roles as there is no bar in doing so under any law and such roles are a matter of arrangement between service provider and service seeker.

However, with respect to Taxation, you need to see which persons are authorized under law to appear before taxation authorities on behalf of a tax payer. Section 223 of the Income Tax Ordinance, 2001 prescribes the persons who can appear before commissioner or appellate authorities on behalf of the Taxpayers. These prescribed persons interalia include Accountant as well. However, subsection (11) of this section clarifies what accountant in fact means for this purpose. It states that accountant means

(a) a chartered accountant within the meaning of the Chartered Accountants Ordinance, 1961 (X of 1961);

(b) a cost and management accountant within the meaning of the Cost and Management Accountants Act, 1966 (XIV of 1966); or

(c) a member of any association of accountants recognized for the purposes of this section by FBR.

Similar list and meanings you can find in other taxation laws as well.

To my knowledge ACCA is not recognized as an accountancy association by FBR so far. This suggests that ACCA cannot be an Authroized Representative under tax law UNLESS he is covered under any other prescribed capacity or has obtained license as Income Tax Practitioner.

If ACCA is recognized by FBR (which is not in my knowledge)or is recognized on a later date in future, then ACCA members can/will-be-able to deal taxation matters as well.

Regards,

[mazharje]

Thanks for this info,can you tell us what is the procedure of becoming an income tax practitioner?

[samm1087]

kamran bhai tell espacially in context of ACCA affiliate who want to focus at as tax practitioner & tax consultant
1.first of all elaborate difference of these 2 terms tax practitioner
&tax consultant ,
2.secondly tell scope of this line in terms of focus small ,partnership base enterprise in small cities

3. in pakistan if someone start ACCA articlship of small foreign tax /consultancy service base firm ,who only serve small
clients of other country let say UK ,and provide all round experience i.e , book keeping ,taxation, consultancy,as some one says u live in pakistan then tax exposure of other country is useless etc can u elaborate
merit and demerits of that training as compared to local
third tier audit firm of pakistan who retain trainee to only ! deppt
throughout period

4. although this question ask many times in forum but i m asking u
in slight different perspective that is scope of ACCA ,a ACCA trainee
with medicore academic background who is not ACCA gold medolist & not
trained under BIG4 or multinational back ground
CAN U TELL ME CAREER PATH OF THAT ACCAS IN TERMS OF CURRENT DYNAMIC SCENARIO
5. what difference a qualified person like (ACCA QUALIFIED) person
in small enterprise business(like father business) than person
who has no educational back ground ,like business of import ,trading of goods sector who is directly no link with education
KAMRAN BAHI Although i have ask too much from ur busy schedule coz u back after long time so plzzzzz reply these questions
THE OPINIONS OF PROFESSIONALS LIKE U WORTH ALOT TO JUNIORS LIKE US
waits for ur reply

[kamranACA]

Query First of all elaborate difference of these 2 terms tax practitioner & tax consultant;

Answer Tax law uses the words “Income Tax Practitioner” (ITP). Now you call it ITP or Tax Advisor or Tax Consultant, but to me it makes no difference. However, a Tax Advisor and Tax Consultant can be a person who advise you due to his knowledge but may not legally be capacitated to represent you in front of taxation authorities under section 223 of Income Tax Ordinance, 2001. So, the effective Tax Consultant/Advisor is the one who is legally capacitated to deal your tax matters and for this purpose you have to see the long list produced by Income Tax Ordinance, 2001.

Query Secondly tell scope of this line in terms of focus small, partnership base enterprise in small cities.

Answer Knowledge is an asset and service provider is like a seller of some commodity (i.e. his services). Until the buyers of some commodity are available in the market, seller has its scope of business. So, you have to see the demand of any sort of services in the area in which you intend to commence your practice. It is not a black and white rule to be stated by me. It has to be seen in demand-supply scenario.

Query In Pakistan if someone start ACCA article-ship of small foreign tax /consultancy service base firm, who only serve small clients of other country let say UK ,and provide all round experience i.e , book keeping ,taxation, consultancy, as someone says u live in pakistan then tax exposure of other country is useless etc can u elaborate merit and demerits of that training as compared to local third tier audit firm of pakistan who retain trainee to only ! deppt throughout period.

Answer Business outsourcing by foreign firms to under-developed countries where cheaper services are available was a very good idea and people used it to make heaps of money on both corners. Yet, with the passage of time, due to so many factors (mostly qualitative but also including huge competition locally), I am seeing that it may not be a very rewarding business target in the longer run. Even Big local firms have a diminishing trend of pursuing such deals because they earn comparatively well by providing their services locally. As far as trainee students are concerned, I personally feel that working for a firm engaged with local clients would, in most of the cases, be a better proposition. You cannot work life time for such an outsourced arrangement and would ultimately have to revert to local market for finding beard and butter.

Query Although this question ask many times in forum but i m asking u in slight different perspective that is scope of ACCA ,a ACCA trainee with medicore academic background who is not ACCA gold medolist & not trained under BIG4 or multinational back ground CAN U TELL ME CAREER PATH OF THAT ACCAS IN TERMS OF CURRENT DYNAMIC SCENARIO.

Answer The output of any investment is always co-related to the inputs you have made. Inputs can be described in a number of ways and this is quite debatable issue. It has also remained a hot and controversial topic of the forum to-date. Destiny has to unfold what the Creator has fixed for everyone, yet, The Creator, (apart from his un-ending love for mankind), blesses according the capacity, wish, endeavors, character and struggle of the creatures. ACCAs do earn and in some cases earn well. I cannot make any prophecy regarding any individual’s fortune specifically. However, if you would wish to compare it with CAs (specially at Paksitan), I would tend to say that even in longer runs the returns of these two investments cannot be similar. Rest is with the Creator who is author of the fortunes.


Query what difference a qualified person like (ACCA QUALIFIED) person in small enterprise business(like father business) than person who has no educational back ground, like business of import ,trading of goods sector who is directly no link with education.

Answer Education always pays back and you can never compare an educated person with the uneducated ones. The specific knowledge and understanding is beneficial for running the business ethically and professionally. Whether or not it can enhance the earnings is again with The Creator, but I believe in saying YES to such a question. Because the Creator improves the condition of those who make effort by them-selves to get it improved.

Regards,

[kamranACA]

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by mazharje</i>
<br />Thanks for this info,can you tell us what is the procedure of becoming an income tax practitioner?
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">


Pls check section 223 of the Income Tax Ordinance, 2001 for knowing who is Income Tax Practitioner as per law.

URL for downloading the ordinance is given below

http//www.fbr.gov.pk/newdt/ITordinance/IT%20Ordinance%202010/ITOrdincance2010.pdf

Regards,

[samm1087]

1.kamran bhai thanks for your professional cum wisdom opinion to your knowledge an ACCA can not become Tax
prcattioner or Tax consultant even he is completed articles
in tax deppt ligitimately ?
2. plz provide your analytical analysis let me put in scenario for person who
professionaly educated let say completed study let say
ACCA , and now has following options
1. start career in job sector(let sy banks ) or articleship in audit firm or multinational companies
2.immediately join father business who is of small but establish trading business who is nothing to do with audit training or consultancy
3. join Accounts, finanace,audit training for some period for middle tier firm to get exposure and then come to father business
again account,audit high fi training nothing to do with enterprise level business thats why i ask u that that ACCA person should take tax training so that when he join business he should handle all of his tax matters himself so to save business administratve cost &
thats way ACCA adds value to business is it possible under pakisan law

plz provide your graciopus comments on these 3 point scenario
as some peers says beta apna business ka koi muqabla nai,choti moti job kar ky kia karna hy
and some young friend says job/articles sy exposure milta hy aur
personalty development hoti hy
in above context make comparision of profession as
OWN BUSINESS(small enterprise level) VS JOB(AUDIT FIRM, BANKS, MULTINATIONAL)

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