Subsequent to consummation of the planned merger of IGI Investment Bank Limited with and into IGI Insurance Limited and its subsequent demerger into separate entities i.e. “IGI General Insurance Limited” and “IGI Investments (Pvt) Limited the retained undertaking was renamed as IGI Holdings Limited and the same was retained to serve as Holding company of all the companies within the group.

Following the successful restructuring within the group, I opted to be transferred to IGI Life Insurance Limited in search of new challenge. At the time IGI Life Insurance had been working on ground breaking line of products within the Life insurance sector and implementation of new ERP and Financial software. I was particularly interested in the swift launch of the products and implementation of the financial infrastructure for the same and prompt data migration from old systems “AS400 and OLAS” to new systems “Dynamics 360 and DXC”.

I was entrusted with following responsibilities during my association with IGI Life Insurance Limited in the role of Assistant Manager Finance and Operations:

• Designing and implementing the financial infrastructure with respect to product named “Vitality” all set to be launched,
• Co-ordinating with internal and external IT resources and planning the migration of opening balances after verifying and validating the same,
• Validating the accuracy and completeness of existing Fixed asset register (FAR) and migration of the adjusted FAR into Dynamics 360,
• Leading the Balance sheet reconciliation team and ensuring accurate and timely month end,
• Reviewing bank reconciliations and ensuring the accuracy of country vide daily premium deposits and Life Insurance value in money status,
• Reviewing monthly WHT and Sales Tax returns (Provincial and Federal),
• Preparing advance Tax and annual Tax return computations, and
• Coordinating with external auditors for timely completion of external audit.

Syed Babar Ali has been a great influence over my professional growth. His achievements are way too many to reiterate. I wished to be nurtured within the corporate culture finely tuned by this man and to go through the process of merger and acquisition.

IGI Investment Bank ‘the bank’, a listed entity, was licensed to carry out investment finance activities and leasing operations as NBFC. Changes in regulatory environment and continuous increase in cost of doing business within NBFC sector led to the business strategy of exiting the NBFC sector and diversifying within the financial sector. Therefore, bank was resolved to be merged with and into IGI Insurance Limited (associated company) and subsequently to be demerged to form subsidiaries for different business lines.

I have been associated with IGI group since June 2015 as Deputy Manager – Finance and Operations, my core responsibilities include:

• Part of team with respect to planned merger of ‘the IGI Investment Bank’ with and into IGI Insurance Limited and subsequent demerger to form a holding company having separate subsidiaries for different business lines,
• Coordinating, assisting and acting as liaison to the consultants with respect to due diligence reports as to Group Taxation relief, Valuation of IGI Investment Bank and its subsidiary IGI Finex Securities Limited,
• Tax planning, business and financial analysis on adhoc basis,
• Tax refund application filing and coordinating with tax advisors and authorities,
• Reviewing monthly WHT and Sales Tax returns (Provincial and Federal),
• Preparing advance Tax and annual Tax return computations,
• Coordinating with Tax advisors with respect to ongoing matters of Appeals before various authorities and preparing written responses in respect of monitoring and other notices issued by Taxation authorities from time to time,
• Preparing budgets, forecasts and variance analysis reports,
• Preparing cash flow projections and managing overall cash flows

I was associated with PWC Pakistan in Taxation and Legal Advisory department in role of Supervising senior. I was privileged to work with and under supervision of some of countries incomparable and premier professionals, my core responsibilities include:

• Acting as a liaison between the clients and various tax authorities with respect to day-to-day matters of income tax and sales tax (both federal and provincial).
• Providing tax business advisory to clients on developing and implementing tax efficient structures.
• Conducting researches on various case laws of local and international jurisdictions, interpreting the same and preparing comments thereon for subsequent use in support of the appeal arguments.
• Other correspondences to clients such as comments on the orders passed by the taxation authorities, filing of refund claims or analysis of tax information.
• Managing corporate tax compliance on behalf of clients including submission of tax returns.
• Liaison with external auditors and reviewing tax related areas of financial statements (Deferred tax, current tax, contingent liabilities).

During the tenure of four and a half years with Grant Thornton Pakistan (GT Pakistan), I have worked under the supervision of various departmental experts. My experience comprised of the compulsory training period (3.5 years) and amplitude of employment. Departments, with which I have remained associated, representing my professional grooming and experience, are as follows:

 Audit Assurance Services Department (Statutory Audit)
 Audit Assurance Services Department (Internal Audit)
 Business Advisory and Special Assignments