INTERVIEW WITH SHEHZAD AHMED MALIK, CHIEF EXECUTIVE SHEHZAD MALIK MANAGEMENT CONSULTANTS (PRIVATE) LIMITED
Apr 4 - 10, 2011
> FCMA (Institute of Cost & Management Accountants of Pakistan)
> Masters in Economics (University of the Punjab)
> CFC-USA (Institute of Certified Financial Consultants, USA)
> Chief Executive Shehzad Malik Management Consultants (Private) Limited. We have the syndicate of highly qualified professionals of ACMA'S, MBA'S, lawyers & IT experts.
> Partner Shehzad Malik & Co.
(MANAGEMENT ACCOUNTANTS, AUDITORS & TAX CONSULTANTS)
> Finance Director & CFO? Islamabad Electric Supply Co. (IESCO) worked with IESCO, one of largest power distribution public company in Pakistan.
> Manager Finance?Army Welfare Trust (AWT) from Oct 1994 to Sep 2002. ICMAP related activities
> Chairman Islamabad Branch Council for the years 2007 & 2008.
> Signed an agreement with Oracle Corporation in year 2008 for getting software as a grant in kind of Rs35.2 million for ICMAP.
> Provided trainings to many ICMAP students and newly qualified CMAs and also arranged jobs for such students and members in different national and multinational organizations.
> Convener Practicing Members Committee of ICMAP Islamabad provided such platform for the practicing members first time in the history of ICMAP.
> Presented papers on Income Tax, corporate matters & other laws at ICMAP, RCCI, and Askari Commercial Enterprises. Merger Assignments of our local clients with international companies.
> Presented business plan to PWC (Price WaterhouseCoopers) a chartered accountants firm for successful merger of a national company with international organization in Norway (head office Eltek Energy Plc Drammen Norway) and Sweden in 2006.?
> Working as Vice Chairman of Standing Committee of Income Tax/Sales Tax of Rawalpindi Chamber of Commerce & Industry-RCCI.
> Attended many professional training programs locally and internationally.
> ICMAP - Islamabad?- 1994 to Jan-2005
> Allama Iqbal Open University's Group- 1996 to march 2003
> Askari Commercial Enterprises- 1996 to 2009
> Fatima Jinnah Women University - 2000 to 2002 (thesis supervisor)
> Preston University Islamabad Campus.
We are providing services to various national/multinational companies in public and private sectors, financial institutions and NGOs in Statutory Financial Audits, Sales Tax Matters, Income Tax and wealth statements, Corporate Law affairs, Financial & Cost Audit, Accounting Services etc.
PAGE: YOUR VIEWS ABOUT THE USE OF TECHNOLOGY IN EDUCATION.
SHEHZAD MALIK: In a modern day, one who does not have knowledge of IT is illiterate. It shows the importance of technology and IT in education. We are still lacking in terms of facilities being provided in education sector as far as technology is concerned. Therefore, government is required to provide a thorough policy, which makes it possible to bring IT in education as well. The best example so far is establishment of virtual university and many departments where online facilities being provided i.e. FBR and SECP etc. Facilities/Education of IT should be available at all levels from primary to post graduation levels, practical trainings should be given. High speed internet facilities should be provided to colleges and universities for research works specially and proper guidance should be provided for its optimum use, then our youth would be able to touch the sky in every field of life and we would be able to recognize ourselves as a best nation of the world.
PAGE: WHAT SHOULD BE DONE TO PROMOTE USE OF IT IN TAXATION SYSTEM OF PAKISTAN?
SHEHZAD MALIK: Pakistan has improved its taxation system through IT development but still there exists a gap for improvement. The basic concept of IT based taxation system from my point of view is that there should be a minimal involvement of personals/authorities (to control/avoid corruption) and maximum things should be handled through IT system e.g. this should start from the E-Filling of Returns to its Assessment levels. But, in our system here in Pakistan notices are still issued manually and most of the officers on duty are not so capable to confirm the things by the use of PC/IT facilities. This is due to lack of their trainings and their government attitude which needs to be changed first then our system can work efficiently and properly. Secondly, there are practical problems which need to be addressed properly before implementing laws like. There are many areas where people cannot have access to the internet or they are not so literate to use computers then how FBR/Govt. has made it compulsory for E-Filling of Tax Returns (Sales Tax and Tax Statements on monthly basis and Income Tax Returns on annual basis).
PAGE: HOW WOULD YOU COMMENT ON CONSULTANCY BUSINESS IN PAKISTAN?
SHEHZAD MALIK: Consultancy business has got a lot of potential for future to grow. It has been observed that there was not such culture of consultancy in the past but thanks to the consistent reforms and changes in regulations, consultancy is on the go. People are now having a tendency to consult for a vide range of consultancy matter i.e. tax, audit, advisory, legal and corporate, outsourcing etc. Now the world is globally intact and people can get the benefit of it by getting proper consultancy and can promote their businesses. Besides other fields, outsourcing is one of the biggest earning generated field in which Europe and USA have catered a billion of budget for different countries considering their environments, labor costs and service provision. Secondly, online system of different departments has made it worthwhile and output can be generated through it and better services can be provided by this system if it works 100 at per cent level. With the help of consultants government can minimize the tax burden on public and widen the tax base. People should be educated to pay tax honestly and properly which can be done by setting examples from top to bottom. There still lies a gap in this field, but this should be in the right direction and positive consultancy. Its misuse by the organizations, NGO's should be curtailed down, by increasing good governance.
PAGE: YOUR VIEWS ABOUT YOUTH OF PAKISTAN?
SHEHZAD MALIK: Youth make up more than 45 per cent of the total population. Our youth are full of talent and energy and want to deliver maximum in different segments of the society. There is a proven track record which shows that wherever they get any chance to prove worth, they did it efficiently and effectively in all walks of life. What is lacking on the part of the government to tap the talent of youth is its non-seriousness to develop and implement a youth policy. Unfortunately, we don't have an effective youth policy to give a positive direction to our youth, therefore in absence of such a framework our youth become redundant in big numbers and are unable to go with the national interest. They are moving towards wrong directions and damaging themselves and our country too. Our political parties are also using them for their interests and as a consequence they are directionless and would not be able to prove themselves as a good citizen of our country. Specially, due to a heavy unemployment in the country, their frustration is at the peek and we are moving towards a difficult situation day by day.
PAGE: WHAT INCENTIVES IT SECTOR NEEDS FROM THE GOVERNMENT?
SHEHZAD MALIK: Nowadays, IT sector has become a backbone in every affair of our life. The world has become very much dependant and IT is now indispensable at all. Government of Pakistan must realize its importance too and give a lot of incentives for its growth in the society. IT reforms are the need of the hour with a consistent and effective policy implementation. Government should give incentives to this sector for its optimum use and its access should be given to everyone. They should make such type of reforms and policies which boost our economy and uplift our country. The success of developed countries is only due to their systems they have made.