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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

Fellow Member of (ICAP)

Fellow Member of the (ICMAP)

Fellow Member of the (KPC)

Life Member of (SAARC)

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

April 2017 – Present

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

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

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