Ashfaq Tola Ashfaq Tola
  • Biography
  • Accomplishments
  • POSITIONS
  • EXPERIENCE
  • Tola Associates
  • MEDIA
  • Articles
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ASHFAQ TOLA

Mr. Ashfaq Tola(FCA) President of Tola Associates, has vast experience in

  • Tax Consultancy
  • Management Consultancy
  • Regulatory Affairs

Biography

Mr. Tola, who by academia is a Fellow Chartered Accountant, is the Founder and President of Tola Associates. 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 portrayed by his contributions towards policymaking, reflected through various memberships of technocratic governmental bodies, such as the Tax Reforms Implementation Committee, and 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 is just one of the few examples of his contributions towards that goal. The monthly 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.

PROFESSIONAL ACCOMPLISHMENTS

Key Achievements

  • 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

Institute of Chartered Accountants

Fellow Member of (ICAP)

ICMAP Logo

Fellow Member of the (ICMAP)

Karachi Press Club

Fellow Member of the (KPC)

Saarc Chamber of commerce and industry

Life Member of (SAARC)

Karachi Tax Bar Association

Member of
(KTBA)

Positions Held
Key Positions
  • 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

CURRENT POSITIONS

Institute of Chartered Accountants of Pakistan (ICAP)

  • Member Council
  • Chairman – Economic Advisory and Governmental Relation Committee
  • Chairman – Anti Money Laundering Committee
  • Chairman – CA Joint Committee
  • Member Investigation Committee
  • Member Examination Committee
  • Member Public Sector Committee

Federal Tax Ombudsman

  • Member Advisory Committee (South)

South Asian Federation of Accountants (SAFA)

  • Member Tariff Committee.

Pakistan Institute of Corporate Governance (PICG)

  • Member Board of Directors.
  • Member Audit Committee.

Federal Board of Revenue, Government of Pakistan

  • Member Tax Reforms Implementation Commission

PREVIOUSLY HELD POSITIONS

Institute of Chartered Accountants of Pakistan (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)
PROFESSIONAL EXPREIENCE
Tola Associate Logo
April 2017 – Present

Tola Associates, Founded by Mr Ashfaq Tola(FCA), has vast experience in the Tax Consultancy . Management Consultancy & Regulatory Effects

PrimeGlobal logo
2012 – 2017

Senior Partner Naveed Zafar Ashfaq Jaffery & Co, Chartered Accountants, a member firm of Prime Global International

njmi logo
2011 – 2012

Partner Nasir Javaid Maqsood Imran Ashfaq, Chartered Accountants

stallion textile logo
2008 – 2010

Principal Strategic Officer in Stallion Textiles (Private) Limited

fincon logo
2000 – 2007

Chief Executive Officer in Fincon.

ltv group logo
1993 – 2000

LTV Group of Companies in various capacities

mcb logo
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.

pwc logo
1987 – 1991

Trainee Student A. F. Ferguson & Co., Chartered Accountants

Tola Associates

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.

Learn More About Tola Associates
MEDIA
Receiving as Guest of Honor
Receiving as Guest of Honor
Receiving a memento by Dr. Abdul Hafeez Shaikh at a post-budget seminar conducted in 2019 by ICAP
Receiving a memento by Dr. Abdul Hafeez Shaikh at a post-budget seminar conducted in 2019 by ICAP
ashfaq tola Speak Session
A Speak Session
Gold Medal From Karachi Club For Out Standing Performance
Gold Medal From Karachi Club For Out Standing Performance
Speech at Al-Bilad
Speech at Al-Bilad
In talks with the IMF over a Single Sales Tax Regime
In talks with the IMF over a Single Sales Tax Regime
Meeting with IMF over tax reforms in Pakistan
Meeting with IMF over tax reforms in Pakistan
Presenting ICAP Budget Proposals to Dr. Abdul Hafeez Shaikh
Presenting ICAP Budget Proposals to Dr. Abdul Hafeez Shaikh
ashfaq tola with RAHEEL SHARIF
Moment with COAS(Rtd) RAHEEL SHARIF
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Contact



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

Email

connect@tolaassociates.com

ARTICLES
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