ASHFAQ TOLA
Mr. Ashfaq Tola (FCA), who is the founder and former President of Tola Associates, has vast experience in
- Tax Consultancy
- International Taxation
- Regulatory Affairs
Biography
Mr. Tola, who by academia is a Fellow Chartered Accountant, is the Founder and Former President of Tola Associates. Currently, he has been appointed as the Chairman of the Reforms and Resource Mobilization Commission of Pakistan (“RRMC”) with the status of Minister of State. He is an accomplished professional who has experience worth over 25 years in diversified areas such as financial and forensic auditing, management consultancy, tax advisory and corporate structing. Moreover, Mr. Tola holds a keen interest in matters pertaining to the Economy of Pakistan, which is also portrayed by his contributions towards policymaking, which is reflected through his Chairmanship of the RRMC, and his membership of technocratic governmental bodies, such as the Privatization Commission of Pakistan.
Furthermore, one of his esteemed contribution towards policymaking with regards to the taxation system of Pakistan includes a presentation of his compendious study on the “Single Stage Sales Tax” regime to International Monetary Fund (IMF) on behalf of the Government of Pakistan.
Mr. Tola is also an avid contributor towards social development of the society. The “TAX PAK” Monthly Newsletter of Tola Associates (of which he is a former president) is his brainchild. The said monthly newsletter is still circulated every month by Tola Associates. The said newsletter, apprises the world-at-large to the major recent developments with regards to taxation laws every month, and a topic covering different complex concepts of taxation. Nevertheless, Mr. Tola, using his plethora of practical exposure, also helps the general public, through means including but not limited to public appearances on TV Shows and/or often-published forecasts, understand the economic situation of current times.
Key Achievements
- Appointed as Chairman of the Reforms and Resource Mobilization Commission of Pakistan, with the status of Minister of State.
- Presentation to the IMF on Single Stage Sales Tax in December 2015 on behalf of Government of Pakistan.
- Visited Turkey as an official of Government of Pakistan to study the Turkish Tax System. Thereafter, authored a report on Turkish Taxation System.
- Has studied more than 40 different Tax Jurisdictions around the world.
- Holds the distinction of Co-authoring a report with Dr. Hafeez Pasha on the Taxation System of the province of Sindh.
- Held Keynotes speeches on the Economy of Pakistan, and Non-Resident Taxation, in 2018 and 2019 at Dubai, Abu Dhabi and Jeddah.
- Distinction of passing CA Examinations – Intermediate & Final (both groups together in 1st attempt) as trainee of PWC A. F. Ferguson & Co., Chartered Accountants
MEMBERSHIPS
Fellow Member of (ICAP)
Fellow Member of the (ICMAP)
Fellow Member of the (KPC)
Life Member of (SAARC)
Member of
(KTBA)
Key Positions
- President ICAP.
- Vice President – ICAP.
- Member Board – Privatization Commission, Government of Pakistan.
- Chairman – Sub-Committee on Taxation for promotion of Islamic Banking Ministry of Finance, GOP.
- Chairman – Budget Anomaly Committee 2019
- Chairman – Budget Anomaly Committee 2020
- Chairman – Fiscal Laws Committee (Taxation) ICAP
- Chairman – Economic Advisory and Governmental Relation Committee – ICAP
- Chairman – Anti Money Laundering Committee – ICAP
- Chairman – CA Joint Committee – ICAP
CURRENT POSITIONS
Institute of Chartered Accountants of Pakistan (ICAP)
- Member Council
South Asian Federation of Accountants (SAFA)
- Technical Advisor.
PREVIOUSLY HELD POSITIONS
Institute of Chartered Accountants of Pakistan (ICAP)
- President – ICAP
- Vice President – ICAP
- Chairman – Fiscal Laws Committee (Taxation) ICAP
- Chairman – Economic Advisory and Governmental Relation Committee – ICAP
- Chairman – Anti Money Laundering Committee – ICAP
- Chairman – CA Joint Committee – ICAP
- Member Overseas Coordination Committee (2018)
- Member Regional Committee – (Southern Region) (1993 – 1996)
- Secretary of Regional Committee (Southern Region) (1996)
- Member Education and Training Committee (1994‐95, 95‐96, 96‐97)
- Member Technical Services Committee (1992 ‐ 1994)
- Chairman Chartered Accountant Students’ Association. (1993)
Institute of Cost & Management Accountants of Pakistan (ICMAP)
- Secretary of Karachi Branch Council (KBC) (1995 and 1996)
- Elected Member KBC and Convener Seminar and Publication Committees (1992‐96)
- Member Technical Committee
- Member Research Committee.
Federation of Pakistan Chamber of Commerce and Industry
- Member Income Tax, Sales Tax, and Utility Sub‐Committees (2004 to 2013)
Federal Board of Revenue, Government of Pakistan
- Chairman Anomaly Committee (2019)
- Member Tax Reforms Commission (2015)
- Member Tax Advisory Council (2014‐15)
- Member Taxation Reforms Co‐ordination Group (2011‐13)
- Member Revenue Advisory Council. (2011)
Karachi Club
- President (2012 and 2013; 2016 and 2017)
- Honorary Secretary (2008)
- Member Managing Committee (2003, 2004)
Pakistan Bridge Federation (PBF)
- Secretary PBF and represented PBF in various ministerial meetings (2005)
- Member Board of Directors PBF (1995‐96, 2004‐2005)
- Co‐convener organizing committee for holding of SAARC Bridge Championship. (2000)
Government Commerce College, Karachi
- Chairman Funds Committee (1987)
December 2022 – Present
CHAIRMAN AND MINISTER OF STATE
April 2017 – November 2022
Tola Associates, Founded by Mr Ashfaq Tola(FCA), has vast experience in the Tax Consultancy, International Taxation. & Regulatory Effects
2012 – 2017
Senior Partner Naveed Zafar Ashfaq Jaffery & Co, Chartered Accountants, a member firm of Prime Global International
2011 – 2012
Partner Nasir Javaid Maqsood Imran Ashfaq, Chartered Accountants
2008 – 2010
Principal Strategic Officer in Stallion Textiles (Private) Limited
2000 – 2007
Chief Executive Officer in Fincon.
1993 – 2000
LTV Group of Companies in various capacities
1991 – 1992
National Development Leasing Corporation (NDLC) as Chief Internal Auditor. Presently known as MCB Bank and formerly part of elite business group i.e. Umer Group.
1987 – 1991
Trainee Student A. F. Ferguson & Co., Chartered Accountants
Tola Associates is a Tax & Corporate Advisory Firm, which is founded by its President Mr. Ashfaq Tola. Its core specialty lies in its ability to cater to clients from all spectrums of the economy. However, this would not have been possible without Mr. Tola’s vision of assembling a team comprising members of different educational backgrounds such as Lawyers and Chartered Accountants. This essential modern-day approach, allows the Firm to provide a broad range of services to its clients, having a decisive cutting-edge in the services industry. Moreover, Tola Associates is also well versed with the Government accounting, budgeting and reporting systems.
KARACHI
Suite # 408, 4th Floor, Continental Trade Center,
Block 8th, Clifton,
Karachi, Pakistan.
75500
Tel : +92 3530 3293-6
Lahore
Suite # 202-E, 2nd Floor, Sadiq Plaza,
69-The Mall Road,
Lahore , Pakistan.
54000
TEL : +92 42 3628 0403
Islamabad
Suite # 144, 1st Floor,
Street No.82, Sector E-11/2, FECHS,
Islamabad, Pakistan.
44000
TEL : +92 51 835 1551