Muhammad Irfan Ashraf
Email address: firstname.lastname@example.org Number # 009***********
Professional having credible reputation as excellent communicator, cross functional partner, staff productivity, Initiator, dispute resolution, managing shareholders interest and ability to drive customer plus business operations satisfaction.
17 years of experience having in-depth experience in all areas of financial, commercial, project management, shared service management, accounting, planning, direct taxation, indirect taxation, contract management, corporate compliance, group directives and ERP implementation.
Served in different countries like UAE, Saudi Arabia, Malaysia, Nigeria, Tajikistan, Pakistan and France.
To Date ABB-Sadara Controller
Tax Manager Arabian Peninsula (Kuwait, Kurdistan, Iraq, Jordan, Lebanon).
2005 TO 2012 Schlumberger Tax Lead (Pakistan, Saudi Arabia, Kuwait, Bahrain, United Arab Emirates, Tajikistan, Iraq, India, Malaysia, France, Nigeria and Kurdistan).
2003 To 2005 Telenor Tax Manager Employee Benefits Compensation.
1998-2003 Grant Thornton-Audit and Tax Supervisor
To Date ABB –Sadara Controller (Financial, Commercial, Budgeting, Contractual, Controlling, Taxation and Admin)
Tax Manager-ABB (Jordan, Lebanon Iraq, Kuwait, Kurdistan, Iran, Switzerland (Assignment one month).
Develop and foster excellent external relationships with owners and Epc’s contract, procurement, Operations and maintenance counterparts to ensure timely compliance with all conditions precedent and other contractual obligations.
Support Project director and rest of delivery & operations team to ensure contractual compliance with project documentation such as main frame automation contract, amendment #1, amendment #2, and amendment #3 & finance documentation as per JV partners.
Serve as the point of contact for customers on contractual matters. Act as contractual “middleman” between company employees and customers, ensuring timely review and approval / reconciliation of variations.
Functions as a part of a negotiating team consisting of project management staff, to establish the terms and conditions of a contract;
Proactively manage owners, reimbursable EPC’s, lump sum EPC’s to support negotiations, claims variations orders, prevent formal disputes, managing responses and advise business partners of contractual position and risks.
Maintain contractual records and documentation such as receipt and control of all contract correspondence, customer contact information sheets, contractual changes, status reports and other documents for all projects.
Overall customer responsibility serves as first point of contact to customer and is responsible for a relationship based on trust and co-operation, thus increasing customer loyalty.
Manage the change process on the project, including change orders, claims, back charges, penalties, new prices, towards clients to ensuring that notices and notifications are issued as per contractual requirements, and participate in the generation of additional revenue as entitled by the contracts.
Provide advice, assistance and guidance to management, project managers and functions with respect to variation orders, identification of possible risks, quantification, monitoring, and tracking, managing mitigating measures, escalations, recommendations and negotiation in line with contract requirements.
Evaluate and review customer requests for quotations (specifications) and commercially competitive offer. Ensure that the proposal and contract conforms to cost, scope, performance, schedule, risk and terms.
Review of the credit exposure for Owner and 16 EPC’s (Reimbursable and Lump sum).
Project risk and Opportunity Management:
Identify and act upon new risks and exposures and opportunities as they occur and take action to avoid/mitigate.
Assure avoidance/mitigation of liquidated damages and other penalties/claims.
Identifies and flags risks impacting project financials and actively contributes to risk mitigation, proposing corrective
Actions including accrual bookings and needed provisions project closure.
Project Financial Reporting & Accounting:
Providing support to month-end and quarter-end closing and external reporting processes, including executive level monthly and quarterly performance packages to be utilized by executive of project management team (Dow and Aramco) and steering committee.
Continually assess ongoing processes to identify areas for potential improvement. As required, participate in initiatives to improve processes (i.e. participate in working groups).
Ensure compliance with the Company’s financial policies and procedures to include revenue recognition policies and project set up rules. Serve as a liaison between the business office and operations.
Project Planning, Forecasting and Budgeting:
Lead and perform commercial proposal analysis delivering comprehensive allocated, marginal and theoretical (efficient, stand-alone) P&L projections; quantify the cash conversion cycle for all service components of the proposal; highlight risk exposures and related strategic issues; manage pricing and profitability models (i.e., preform) to support a consistent and efficient review process leading to maximum scale and profitability.
Develop strong understanding of all key performance drivers and issues relating to budget, forecast and actual results and incorporate into monthly quantitative and qualitative analysis of commercial operations financial results; including variances to plan, ensuring key issues, risks, and business drivers are understood and highlighted.
Project Working Capital Management:
Coordination, participation, development, maintenance and procedures complied for financial, commercial and strategic support to project and liaise with BU Manager in managing working capital from time to time in line with group directions.
Controlling the cash flow position throughout the company, understand the sources and uses of cash, and maintain the integrity of funds, securities and other valuable documents.
Ensure Company’s credit policy both in terms of granting of credit and collection of debt is in place, adhered and continued visibility by analyses of DSO and DPO.
Regular review and discussion on all WIP and AR balances, documenting outcomes and following-up on agreed actions and ensuring all possible steps are taken to achieve their monthly and annual billing and cash collection targets.
Partners with Shared service centres to optimize Working Capital and Cash Flow performance for billing and credit control to ensure that its partners receive a high quality service.
Enforce account reconciliation progress with customers, follow up overdue AR or resolutions on dispute accounts, report doubtful accounts, review and report the progress on regular basis.
To follow and report doubtful accounts, focus on account reconciliation or dispute resolution on timely manner to mitigate bad debt risk.
Act as the key contact for the internal customer and an escalation point for project issues.
Assure and seek to improve customer satisfaction and feedback through consistent customer interaction.
Work proactively to set customer expectation to assure a smooth project including acceptance of project deliveries and timely payment even under challenging circumstances.
Participating in the annual strategic planning and budgeting processes. This will include establishing assumptions, spreadsheet modelling, consolidation, and analysis and presentation preparation to key stakeholders in the business.
Project Internal and External Reviews:
Forthrightly, Monthly and Quarterly presents project financial status/issues in project reviews.
Report status/ progress to customer and other stake holders with appropriate detail for desired understanding, e.g. to
Assure payment, set expectations etc.
Effectively report project progress or other situations either verbally or in writing to assure desired understanding
Project Sub-contractors Management
Performing work in the development of subcontracts, including prequalification of bidders, solicitation of proposals, proposal evaluations, source selection recommendations, participation in negotiation of contract terms and pricing issues, conformance and finalizing of agreements, and subcontract issuance and execution.
Margin Analysis for various subcontractors and Management Groups to formulate negotiation plans.
Reviewing of procurement documents (Invoices, Purchase order, Contract) verifying descriptions & specifications of services for accuracy & adequacy ensuring conformity & oversight compliance;
Tax Advisory liaison with the business to keep them informed of tax issues and legislative changes, providing advice on the tax implications of transactions and reviewing terms and conditions in contracts and other agreements to ensure tax efficient operations.
Requires sound knowledge of own technical discipline and possesses the ability understand a variety of issues and develop appropriate action plans.
Deliver Business Tax strategy by raising tax awareness and bringing the Tax Team closer to the business. Prepare tax presentations, seminars, training and discussions on the latest developments in tax to enable business staff to recognize and factor in the effects of tax law and changes in their business decisions;
Close partnership and coordination with country CFOs, M&A, Legal, Accounting, strategy departments, HR, etc. Will be responsible for participating in and coordinating meetings, representing Schlumberger companies with fiscal authorities and government agencies.
Identify opportunities for tax planning and overall ETR reductions. Monitor tax planning projects for efficient execution and appropriate results. Facilitate implementation of global tax planning initiatives.
Innovate and introduce fresh tax planning leveraging on the international legal structure of the corporate and utilising international tax conventions and agreements/treaties.
Monitoring the reported monthly corporate income tax expense and Group effective tax rate, and enquire into significant fluctuations on ETR.
Overall direction on the budget of the country tax and to manages risk to eliminate the chance of major losses, critical delays, severe financial expenses etc and will also look for opportunities to enable substantial improvements and efficiencies for long-term positive impact.
Management of the corporate tax compliance process of regional and country entities in conjunction with regional and country finance personnel. This includes all aspects of the compliance process, including preparation and submission of tax returns, monitoring of tax payments, and management of tax audits, attending criminal investigations, disputes and payroll tax compliance.
Ensure all local tax accounting issues are properly analysed, supported, and documented, including valuation allowance positions, unrecognized tax benefits, M&A transactions, and impacts of pending legislation.
Establish and maintain effective relationships with local authorities and representatives in all international territories to ensure successful importation and smooth supply of product.
External compliance – tax queries/ audits under minimal supervision:-• obtain data required to respond to Tax Authorities; and• provide clear explanations to queries raised by Tax Authorities, including preparation of replies to routine requests for explanations or for additional information.
Financial Accounting for Fiscal Management:
Manage the monthly financial close process, including ensuring all costs incurred are properly recorded, reviewing journal entries, account balance reconciliations and report preparation.
Participate in the ongoing development/establishment of accounting policies and procedures and operational strategies including the review and implementation of process and system changes.
Interacts at all levels and with budget owners or other stakeholders to produce timely, efficient and accurate month-end close and all internal management and financial reporting through annual report.
Analyse the effect of statutory accounting practices and studies regulations and guidance to ensure correct application of Generally Accepted Accounting Principles
Make recommendations for changes as needed and ensure that company policies and procedures are followed and establishes the proper techniques to discover and prevent fraud
Responsible for the entire process of preparing all routine quarterly and annual statements and filings, as well as other interim filings, as situationally required by the SEC. This includes, but is not limited to, all face statements, disclosure notes and required schedules, including maintaining sufficient related detailed work paper support. Manage monthly closing process, including reconciliations and analysis of related accounts.
Management of the annual external audit, including preparation of quarterly updates, management of the interim reviews and reporting process and the finalisation of the audited financial statements (income statements, balance sheets, cash flows and related footnotes.
Writes memos, which includes background, technical support and conclusions for all technical accounting matters.
Review and maintain financial records to ensure accessibility and readiness for internal and external needs, including auditors.
Ensure US GAAP compliance of all Company accounting policies, including GAAP research in preparation of new policies and disclosures, and related documentation.
Interpretation and Applicability of Double Taxation Treaty
Consultation with Swiss Embassy and Ministry of Finance in Kuwait for clarifications and implantation of double tax treaty provisions
Tax Audit, Tax Inspection, Tax Criminal Investigations:
Managed tax inspections for different MNC’s in different countries like Saudi Arabia, Nigeria and Malaysia.
Carried out pre and post-tax audit simulation within three month of filing as well as conclusion of tax audit by inviting tax colleagues from different countries
Outlined optimal defence plan with aim to ensure onus of burden is on MNC for tax positions taken from strategic and long term view with objective to close matter without going into further litigation.
Ensure documentation to be presented to tax authorities are cogent, complete, coordinated, Contemporaneous and concise.
Always prepared for negotiation with objective of give and take.
Value Added Tax & Mineral Oil Tax:
Review VAT returns of various countries like Pakistan, Jordan, Malaysia and Philippine etc.
Centralization of VAT return in KL develop global colander as well dash board for monitoring filing of VAT return.
Identify zero rated and exempt supplies in inventory as well procurement Module of Lawson as well in Seibel (Sales Module).
Mange queries of different vendors and customers regarding chargeability of VAT and supported company position with legal advices, Circulars, notifications and decrees.
Mange VAT audit as well respond to different queries as review appeals with supporting documentation before submission to concerned appellate authorities.
Inform management to take up matter at chamber level to claim exemption or zero rated supplies at industry level with concerned ministries.
Advice to clients on various aspects to evaluate business activities in various countries across Europe, for VAT recovery, Mineral Oil (MOT) recovery, Energy Tax, Hydro carbon tax, Special Tax, Petroleum Tax, Fuel TIPP, TIC Vols Sans Franchise, and Reciprocity agreements.
Customs/ Import and export Affairs:
Manage as well settled Custom disputes amounting USD 16 M from 1987 to 2002 in 2006 and settled for USD 4M with alternate dispute resolution committees.
Develop producers for import and export of equipment in compliance with relevant country laws and regulations.
To claim export rebates compliance with state bank regulation.
Training of logistic team as well create awareness among operation staff to reduce potential exposures arises due to business needs.
Transfer Pricing Reporting:
Work with corporate and business areas on relevant transfer pricing tax issues/opportunities/models, understanding and aligning tax requirements and providing tax technical support.
Responsible for maintaining documentation of transfer pricing methods and creating any relevant tax documentation, correspondence for assigned projects and tasks
Ensure compliance with all applicable transfer pricing rules, cases and practices;
Monitor tax legislation for impact on operations and recommend actions/strategies to implement in order to position the company in the most tax advantageous position
Part of negotiating team for advance pricing agreement with Inland Revenue board of Malaysia as well monitor compliance to ensure it is implemented in full spirit.
Taxation Sarbanes-Oxley (SOX):
Ensure full compliance with Sarbanes-Oxley (SOX) requirements; deadlines for quarterly tax provisioning review and reporting; statutory tax obligations under local tax legislation; local tax exposures and highlight any tax unusual on a timely basis;
Responsible for all Internal Control activities, especially ICQ cycles and Internal Control audits.
Ensure Internal Control Questionnaire Tool is kept up-to-date and follow-up action plans.
Implantation (In Process) of Tax Tool 2 software for reporting as per ASC 740 & Fin 48
Developing documentation as project for profits attributable to permanent establishment as per Authorised OECDM Approach as project.
Project for Tax Best Practices-Define contents mechanism as well develop consensus across the ABB as well convinces all stake holders for implementation of Tax Diary so that it should be part of corporate governance documentation.
Implantation of Oracle Financial Payroll module at Telenor.
September 1998 to November 2002 Audit & Tax Supervisor
Preparation of reports/opinions/Annual Accounts/Interim Accounts and communications relating to the Internal Control weaknesses identified with appropriate recommendations.
Advising clients on various tax matters particularly with respect to the withholding of tax and its monitoring, helping clients in preparing and filling various monthly, quarterly and annual statements with the tax authorities and advising clients on the calculation of advance tax liabilities.
Responsible for various consultancy assignments like merger of financial institutions, construction companies, project studies to determine cost of utilities bills for ministry of finance and budgeting for National Reconstruction.
Module –E Institute of Chartered Accountants of Pakistan
Professional I Association of Chartered Certified Accountant (UK)
Bachelor of Commerce Punjab University
Administration and Commerce Allama Iqbal Open University
Oracle Financial Oratech Pakistan
Date of Birth: September 30, 1974.
Marital Status: Married (Three kids: Elder daughter 11.5 year, son 10 years and youngest daughter 6years).