Buying & Selling – Page 2 – Newswire Pakistan

October 26, 2022October 27, 2022

Pakistani duo among ACCA’s global prizewinning students

Islamabad, October 26, 2022 (PPI-OT):Pass rates have been announced by ACCA (the Association of Chartered Certified Accountants) for students who sat their exams in September 2022. Two Pakistani students have made the country proud by scoring highest marks to qualify for the cash prizes.

‘83,630 ACCA students from around the world entered for the September sitting and It’s particularly pleasing to see Pakistani students shining in the exams and building a strong reputation for the country on a global level for top finance talent. It’s not about one or two meritorious students, we’re seeing a growing trend of ACCA students and professionals from Pakistan creating a global impact with their ability and ambition. This also proves how our people can compete and win globally if they’re offered right support and a global platform,’ said Rashid Khan, ACCA’s spokesperson for the Asia Pacific region.

The ACCA Qualification rigorously tests the skills, abilities and competencies that a modern accountant needs, with a firm grounding in ethics and professionalism. It prepares students for a rewarding global career as a qualified and ethical finance professional.

Malik Shahmir Pervez

Malik Shahmir Pervez earned the global position for demonstrating stellar performance in the Advanced Audit and Assurance (AAA) exam which is considered one of the most challenging of all ACCA papers.

Shahmir comes from a modest family and his father was a truck driver in Rawalpindi. He completed his early schooling at an Urdu-medium local school before joining the Army Public School (APS).

Despite the fact that he had to adjust to English-medium in his new school, he qualified for a scholarship after proving his mettle in exams at APS. He then completed pre-medical at Fauji Foundation College with an A-1 grade but was unable to continue his education after the sudden death of his father who was also his best friend.

For two years, Shahmir went through a severe mental trauma and would spend whole day in his room. With family’s love and support, he was finally able to come out of the emotional ordeal and ended the hiatus in his studies by opting to study the globally renowned ACCA Qualification. ‘I feel it’s important for everyone to talk about mental health more openly and the reason I’m sharing my struggle of coping with all sorts of anxieties is simply because I would like to tell those who’re currently going through a similar phase that it’s okay to be not okay and it’s never too late to press the restart button.’

After joining ACCA, this is Shahmir’s first global distinction and third national distinction. He loves studying with ACCA since he was never a fan of rote learning and would rather focus on understanding the concepts. ‘ACCA is the world’s most innovative professional body and the same is reflected in how it has designed its qualifications and assessments. With ACCA, you’re always ahead of the curve when it comes to the latest knowledge and most in-demand skills,’ said the AAA prize winner.

The 23-year-old who is only one paper away from becoming an ACCA affiliate sees his career at a big4 firm and would like to join the audit profession soon after qualifying with ACCA. When not studying, Shahmir keeps himself active by playing sports such as Table Tennis and Cricket.

Noman Abbasi

Noman Abbasi who’s celebrating his 22nd birthday this month is one of the two Pakistanis who also made the ACCA’s list of global prize winners by scoring the highest marks in the Financial Reporting (FR) exam.

Listening to the news, Noman’s father, who is a doctor by profession, had tears in his eyes. He proudly admits that his son’s achievement is undoubtedly the highlight of his life and nothing else can ever come close to the feeling of seeing one’s son or daughter succeed in such a coveted exam.

Originally from Kashmir, The Abbasi family came to Karachi in search for better economic prospects some five decades ago. Noman’s father completed his MBBS here and went on to serve in the army. He has been running his private practice since 1982, the year he finished his military service. With father being a doctor and brother an engineer, Noman felt pressured to study pre-medical in college but he always knew his interest lied elsewhere. ‘I wanted something more exciting to do in my career and travel the world. So, accountancy was a natural choice for me.’

Soon after passing Intermediate, Noman chose to start his ACCA journey and has shown exemplary performance in all his exams so far. ‘When in college, I never felt great studying due to the lack of interest. But now I get such an adrenaline rush analysing the financial data and preparing reports that I don’t need any other motivation to stay focused.’

Noman spends almost 6 hours studying every day, in addition to the time he spends attending his online classes. ‘Thanks to the flexibility that ACCA offers, I’m able to attend all my lectures online and don’t have to waste time commuting to and from my home in Baldia Town that would have taken hours otherwise,’ shared Noman.

When not studying, Noman loves listening to music and considers Drake, the Canadian rapper, his biggest inspiration in life. ‘Just like Drake who came from a modest background and made it big with his talent and ambition, I too would like to scale similar heights and make my family and country proud by proving how a person can achieve anything by working hard and making right choices,’ said the prizewinning student. ACCA is world’s leading body for professional accountants with 241,000 members and 542,000 future members based in 178 countries and regions.

For more information, contact:
Association of Chartered Certified Accountants Pakistan (ACCA)
Office No. 5, 2nd Floor, SNC Centre,
Fazal-ul-Haq Road, Blue Area, Islamabad, Pakistan
Tel: +92-51-111-222275
Fax: +92-51-2876605
Email: info@pk.accaglobal.com
Website: www.pakistan.accaglobal.com

October 20, 2022October 21, 2022

Climate change calamities compound problems of home-based workers in Pakistan

Karachi, October 20, 2022 (PPI-OT):The recent climate change induced rain-floods have compounded the problems of already vulnerable home-based workers in Pakistan, especially in Sindh province and a very big challenge is ahead in shape of food crisis and closure of textile sector as the torrential rains have massively damaged paddy, rice and cotton crops, said speakers on the occasion of International Home-based Workers Day on Thursday.

Addressing a press conference held by Home Based Women Workers Federation (HBWWF) Pakistan, at the Karachi Press Club (KPC), Zehra Akbar Khan, general secretary of HBWWF said that on October 20, 2000, a Kathmandu Declaration for the rights of South Asian home-based workers was adopted by representatives of South Asian governments, UN agencies and trade unions in a conference organized by UNIFEM and WIEGO, supported by International Development Research Centre at Kathmandu, Nepal.

She said there at least 50 million home-based workers in South Asia, 80percent of them women. She said in the Kathmandu declaration it was promised to formulate National Policy on Home-based Workers by each participating country; however, it is still a distant dream.

She said Sindh province in Pakistan was the first province and Pakistan was the first country of South Asia that passed a law for home-based workers in 2010. She said later KpK and Balochistan provinces have also passed such laws for the home-based workers but the Punjab assembly is yet to pass this law and also there is no such law in federal territory of Islamabad.

She regretted that despite passage of this law, its proper benefits and privileges are yet to be given to the home-based workers. She said after Covid and then now recent rains and floods the economic issues of the home-based workers have been further deteriorated and they face a bleak future. She said the registration process of home-based workers is yet in limbo and the Sindh labour department is not serious in registration of home-based workers, though the HBWWF has already provided them with necessary equipment and software.

Khan regretted that the stakeholders are not being properly consulted regarding practical implementation of the Home-based Workers Act. She said they have got filled registration forms of a lot of home-based workers and deposited them with the Labour Department but they are yet to start their verification process. She said they have given an ultimatum of one month to the Sindh labour department and if they failed to start and complete the verification process the home-based workers would stage protests.

She said their demand about the universalisation of labour for SESSI benefits has been accepted and included in the definition but it is said that the home-based workers would pay a self-contribution of Rs1500 per month. She said the earning of women home-based workers is meagre and they cannot pay such monthly contribution; therefore, this condition should be abolished or reduced to Rs200 to Rs300 per month.

She demanded that the home-based workers should be included in the orbit of minimum wages. She demanded equal wages for equal work for all home-based workers. She said that a Council under the Home-based Workers Act should be established without further loss of time. She said that on the occasion of international day of home-based workers, besides Karachi home-based workers are staging programs in Hyderabad and Faisalabad also.

Peoples Labour Bureau (PLB) President and veteran PPP labour leader Habibuddin Junedi said that the provincial government of Sindh has passed more labour-friendly laws than any other province of Pakistan. He said we have worked a lot for the rights of labourers. He accepted that the issue of implementation of the labour laws is there, adding the government should take practical steps to get the laws implemented. He said there are ‘system issues’ and tardy bureaucracy that are main hindrance in way of swift implementation of labour laws including Home-based Workers Act. He assured of his all-out cooperation to get these issues resolved soon.

Nasir Mansoor, general secretary of National Trade Union Federation Pakistan (NTUF) said that more than a decade has passed of approval of the Kathmandu declaration but the National Policy for Home-based Workers is yet to be formed in Pakistan. He said we have not yet ratified crucial ILO convention in this regard. He said international labour agencies are not taking on board the real representatives of Sindh labours in consultation process despite the fact that almost seventy percent of industries are situated in Karachi. He said after anti-labour pacts with the International Monetary Fund (IMF), the process of de-economisation is on the rise and formal labour is being shifted to non-formal and de-economy sector on a fast track.

He expressed grave concern over harsh climate changes due to growing carbon emission by the industrial countries. He said the promise of a fund of $100billion to compensate the losses of climate change hit nations is yet to be materialize. He said after recent heavy rains paddy and cotton crops have been lost, especially in Sindh and a big food crisis is in the offing. He said due to damage of cotton crop, the textile industry would face closure and it is feared that hundreds of thousands of textile workers would be rendered jobless in Karachi alone.

To a question, he said labour organizations, especially HBWWF and NTUF are generating donations for the flood affected workers, providing them relief goods and holding relief camps for them in different areas. Perveen Bano, a home-based worker from Yousuf Goth Karachi said the women home-based workers are facing a lot of difficulties due to growing joblessness and very low wages.

She said we went door to door and got registration forms filled from women home-based workers but the labour department is not verifying them. She warned that if the registration process was not started soon the women home-based workers would protest strongly and it would create immense political problems for the government.

The speakers demanded to get the Home-based Workers Act fully implemented by constituting a Council under it and ensuring registration of the home-based workers to give them their due benefits and privileges. They warned if the demands of the home-based workers are not met they would stage protests for their due rights.

For more information, contact:
Home Based Women Workers Federation (HBWWF)
726, Mashrique Centre, Block 14, Gulshan-e-Iqbal,
Karachi, Pakistan
Tel: +92-21-37075324
Website: https://hbwwf.org/

October 11, 2022October 12, 2022

Views on corruption drive attitude to tax systems across the globe: ACCA and IFAC survey

Islamabad, October 11, 2022 (PPI-OT):Taxpayers’ attitudes about paying taxes correlate closely with perceived levels of corruption, according to a major new study, Public Trust in Tax, by accountancy bodies ACCA and the International Federation of Accountants (IFAC). A global survey focusing on 14 developing economies, including Pakistan, found that trust in tax systems is lower when taxpayers perceive higher levels of corruption and diversion of public funds. The survey was backed up by a series of roundtables to explore attitudes further.

Helen Brand, chief executive, ACCA, says: ‘Fighting corruption is such a central priority for the global accountancy profession because corruption has such negative implications for trust, tax morale and sustainable development more broadly. We know from research by the IMF that economic growth goes hand in hand with a consistent stream of tax revenues.’

Kevin Dancey, chief executive, IFAC, says: ‘The relationship between taxpayers and governments, and between businesses, society and tax systems is fundamental to the sustainability – and survival – of the economies that support us all, in both the short and long term. Our Trust in Tax surveys provide crucial insight into these relationships and can help global policymakers as they consider the best way forward.’

IFAC recently released its Action Plan for Fighting Corruption and Economic Crime, with broad support from the global accountancy profession. The plan outlines specific actions that members of the profession can take, individually and in concert, to engage in a meaningful way in the fight against corruption. ‘Given the correlation between perceived levels of corruption and citizens’ willingness to pay taxes, this plan is an important effort to help ensure that citizens see the benefits of their tax dollars,’ says Mr. Dancey.

Assad Hameed Khan, head of ACCA Pakistan, says: “Broadening the tax base is key to achieving Pakistan’s inclusive and sustainable economic development. A significant shift and step change is required towards documentation of the economy, increased regulatory capacity and use of technology (data analytics). Contribution of the accountancy profession is critical to these focus areas, requiring concerted efforts by all stakeholders to bridge the gap between demand and supply of professionals.”

Key results

The survey’s key findings are set out below:

Trust and corruption

Politicians are widely distrusted with a net trust deficit of -25%. In contrast professional tax accountants and lawyers are trusted (67.1% and 64.6% respectively). Attitudes to tax authorities are split with a significant minority – 27.9% – distrusting or highly distrusting them.

Roundtable participants saw lack of trust in politicians as a major barrier to tax engagement with the systems. Citizens don’t object to paying tax – they object to misappropriation.

Tax minimisation

In the survey 46.4% agreed that multinationals were paying a reasonable amount of tax. This contrasts with Public Trust in Tax surveys in G20 countries showing only 22.4% agreed.

Attitudes towards tax minimisation are more relaxed in developing countries with respondents more likely to agree that specific taxpayer groups were paying a reasonable amount of tax.

Incentives

People strongly support the use of tax incentives to target megatrends such as climate change (73.8%) and ageing population (72.8%).

Tax incentives were seen as a way of attracting multinational businesses to invest (73.9%) and build a more coherent international tax system through co-operation between countries (69.3%).

Author of the report Jason Piper says: ‘An efficient, effective and trusted tax administration is one building block in the sound structure of society. This survey shows that the problem lies not with the collecting of tax but what happens afterward. A lack of accountability in government spending fosters the perception – and all too often the reality – of corruption in government.’

Since 2017 ACCA and IFAC have been gathering data across the G20 on attitudes and opinions of the general public. The latest survey is the first to look beyond the G20 and comes at a crucial time for economies across the globe, given uncertainty following Russia’s invasion of Ukraine and the Covid-19 pandemic.

This year’s survey builds on previous research, and for the first time includes data from developing countries outside of the G20. With the UN predicting that the highest population growth up to 2050 is set to happen in non-G20 countries, this edition of Public Trust in Tax looks at issues impacting an increasing share of the global population.

This study is based on an online survey of 5,958 individuals from the following countries: Angola, Colombia, Cote D’Ivoire, Dominican Republic, Egypt, Guatemala, Kazakhstan, Kenya, Malaysia, Nigeria, Pakistan, Peru, Philippines, and Vietnam. The countries surveyed were selected based on a range of economic, political, geographic and cultural factors.

Read Public Trust in Tax: Global Perspectives 2022: https://www.accaglobal.com/gb/en/professional-insights/global-economics/public-trust-tax-2022.html

October 1, 2022October 2, 2022

IBA-CED organized a seminar on E-Commerce and Entrepreneurship in Pakistan – Opportunities and Challenges

Karachi, October 01, 2022 (PPI-OT):Center for Entrepreneurial Development (CED), IBA in collaboration with the Islamic Chamber of Commerce, Industry and Agriculture (ICCIA), held a seminar on Best of Entrepreneurship in Pakistan on the theme of ‘E-Commerce and Entrepreneurship in Pakistan- Opportunities and Challenges’. Around 300 students and faculty members from different universities of Pakistan and freelancing disciplines attended this seminar.

The opening session was graced by Ms. Alia Jafar, Director International Relations, ICCIA. Notable guest speakers and entrepreneurs were invited to talk about their startup journey. The speakers included leading Pakistani entrepreneurs, Mr. Sheikh Sultan Rahman Coordinator and former Vice President Federation of Pakistan Chambers of Commerce (FPCCI) and Industry; Mr. Hamza Abdul Rauf, Co-Founder and Director, Telemart; Dr. Sara Saeed Khurram, Co-Founder and CEO, Sehat Kahani; and Mr. Arif Lakhani Co-Founder, Qist Bazaar.

Mr. Rahman stressed the need for entrepreneurs in the economy and the growing e-commerce society in Pakistan. Mr. Rauf shared his rich experience of his journey of finding a startup during his sophomore year at IBA, to overseeing its development as one of Pakistan’s biggest E-commerce startups.

Dr. Khurram shared her inspiring journey as a female entrepreneur, who founded Sehat Kahani in 2017, after years of social work in low-income areas and connecting patients with doctors throughout Pakistan online. Since its inception, Sehat Kahani has catered to 1.3 million patients and the number is expected to rise even more in the following years. Mr. Lakhani then narrated his experience of founding Qist Kahani, a platform that allows people from low-income backgrounds to buy contemporary necessities such as laptops and mobile phones in installments. His venture has already delivered to 11,000 customers in the past eleven months.

Mr. Azad Ahmed, Acting Head, CED, emphasized the need for inclusivity in the entrepreneur ecosystem, announcing IBA CED’s Weekend Certificate in Entrepreneurship and Women Entrepreneurship Program. The role of IBA-CED incubation centers in facilitating the startups was highlighted and the session was then followed by an enriching Q and A session.

The session was concluded with a vote of thanks from Mr. Abdul Badih El Dada, Director of Events Management ICCIA, who discussed the vast amount of e-commerce forums, each having its own advantages. He emphasized the benefits of utilizing this market.

For more information, contact:
Executive, Communication and Public Affairs,
Institute of Business Administration Karachi (IBA)
Main Campus: University Road, Karachi – 75270, Pakistan
UAN: +92-21-111-422-422 (Ext. 269)
Fax: +92-21-99261508
Email: raza.lakhani@khi.iba.edu.pk
Website: https://www.iba.edu.pk

September 23, 2022September 24, 2022

ACCA organized a Corporate Conference in Peshawar on “Rethinking a better world – Sustainable Growth for Pakistan.”

Islamabad, September 23, 2022 (PPI-OT):ACCA (the Association of Chartered Certified Accountants) hosted a large-scale corporate conference in Peshawar, themed ‘Rethinking a better world – Sustainable Growth for Pakistan,’ featuring representation from the country’s top businesses, thought leadership and policymakers.

The conference provided a platform for the region’s key stakeholders and brightest minds to engage in interdisciplinary, forward-thinking conversations to propose an agenda to revitalise the private sector and kick start an era of sustainable, inclusive economic growth.

The conference was attended by many prominent names in the corporate sector, as well as leading policymakers and provincial cabinet members.

At the conference, ACCA shared insights, practical guidance, strategies, and solutions to enable businesses and policymakers to embrace new technologies and create a conducive environment for innovation and entrepreneurship. Featuring contributions from forward-thinking thought leaders, the conference program included a future-focused panel conversation on the KP Roadmap to Pakistan’s Economic Recovery- Challenges and Way Forward.

The conversation leaders for the segment included Henna Karamat – Director Planning, KP Education Foundation, Government of Khyber Pakhtunkhwa, and Mohsin Khan – Director IM Sciences – Peshawar, Ali Gulfaraz – MD/CEO Bank of Khyber, Jehan Bahadar – Collector – KPRA, Asim Khan – Project Director NIC Peshawar.

Taimur Saleem Khan Jhagra, Minister for Finance, Government of Khyber Pakhtunkhwa, Shahid Khattak – CFO, Khyber Pakhtunkhwa Economic Zones Development and Management Company (KPEZDMC), Ali Ibrahim – Head Communications and Marketing, Fayyaz Jarral – Executive Director – FF Steel were among the keynote speakers who shared their insights and proposed tips for organizations to become future-ready.

National University for Security Sciences, SKANS, SOS Pakistan Pvt. Ltd., and TMUC Pakistan joined ACCA as Strategic Partners. The Bank of Khyber and Mobilink Microfinance Bank were the Platinum Partners, DHA Peshawar, Evyol Group, LMKR, Mukhtar A Sheikh Hospital, Professionals’ Academy of Commerce (PAC), and Simplifiers joined as Gold Partners.

City University, DigiKhata, ICMAP, IM Sciences, KP IT Board, KPRA, Pakistan Stock Exchange, P@SHA, Rehman Medical Institute, SMEDA, and KP Women Chamber of Commerce and Industry joined as Supporting Partners. Bera, CXO Global Forum, Connected Pakistan, NIC Peshawar, and Toyota Khyber Motors joined as Community Partners. Nutshell Group powered the conference as a Knowledge Partner.

ACCA is the world’s leading body for professional accountants, with more than 241,000 fully qualified members and 542,000 future members worldwide. It uses its unrivaled connections across the globe to connect people with fulfilling careers, organizations with the best finance talent, and economies with the ingredients for growth. With strong partnerships with top employers and the social sector across the globe and an award-winning Professional Insights program offering ground-breaking future insight, ACCA is at the forefront of finance talent development and creating future-proof careers.

September 7, 2022September 8, 2022

High CO2-producing companies to face challenges with new climate-related disclosure requirements

Islamabad, September 07, 2022 (PPI-OT):Current corporate reporting by a majority of companies producing the highest levels of greenhouse gas emissions would not comply with proposed new requirements from the International Sustainability Standards Board (ISSB). This is the key finding of research carried out by ACCA (the Association of Chartered Certified Accountants) and the Adam Smith Business School at Glasgow University, aiming to find out how prepared companies are for new climate-related reporting rules being developed by the International Sustainability Standards Board, formed last November.

The research analysed the most recent reports published by companies in the construction material and chemical industries which had the highest greenhouse gas emissions over the last three years, comparing current disclosures against the disclosure requirements of the proposed climate-related disclosure standard (IFRS S2, Climate-related Disclosures).

This analysis found that most companies fall short of the type and level of disclosure that the ISSB is proposing. Further, the research found that disclosures were often scattered and duplicated across different company sources, often with no cross-reference, and with little connection to financial information published in the financial statements.

Those companies (77% of the sample) that have adopted the Task Force on Climate-related Financial Disclosures (TCFD) Recommendations are significantly better prepared to comply with the proposed new disclosure requirements. However, even these companies will need to significantly increase their climate-related reporting to meet the new requirements of the proposed standard, which the ISSB aims to finalise by the end of this year.

ACCA and the Adam Smith Business School are urging the ISSB to ensure the disclosure requirements are clear and easily understandable, and that thorough guidance is provided.

Commenting on the research, ACCA’s head of Pakistan, Assad Hameed Khan says: ‘The colossal impact of recent floods in Pakistan is a reminder on the national climate action urgency. Thus, it is imperative for companies to adopt ESG focused (sustainable) practices and initiate substantive action related to climate change and strengthen reporting through robust climate-related disclosures. These measures can be a competitive advantage for companies, as well as, enhancing transparency and trust for investors, customers, employees and regulators.’

Mike Suffield, director of policy and insights, ACCA, says: ‘Standard-setters and regulators should focus support and guidance on those companies that have not adopted the TCFD Recommendations, including smaller businesses. It may be appropriate to allow a period of voluntary adoption before making the ISSB standards mandatory.’

He also called on regulators to help users of this climate-related information by resolving the problem of the scattered location of disclosures, the lack of cross-referencing and duplication. He added: ‘The ISSB also has an important role to play by providing greater clarity around location and cross-referencing in the standards, and by collaborating with the regulators to achieve a consistent approach. ‘This research is not about pointing fingers at businesses. It is about understanding where they are at in their climate disclosures and working out how to help them improve, this is vital work for all of us.’