Welcome to
Tola Associates
- Taxation Advisory
- International Taxation
- Corporate Structuring
- Transactional Advisory
- Tax Litigation
About Tola Associates: Your Tax and Corporate Advisory Partner
Tola Associates, based in Karachi, leads the way in tax consultancy, corporate restructuring, and transactional advisory services across Pakistan. With a team of experienced Chartered Accountants, foreign and domestic qualified lawyers, and tax consultants, we deliver timely and tailored solutions to meet each client’s specific needs. Our extensive cross-border experience allows us to tackle complex fiscal challenges, making us the trusted choice for businesses seeking expert tax and corporate advice.
We pride ourselves on delivering professional and dedicated tax and business advisory services. Every client is unique, and we craft solutions to address individual challenges effectively. Whether you need a reliable tax lawyer in Karachi or a trusted partner for tax advisory, tax litigation, and international tax law queries, our team is here to assist you. Known for our personalized approach, we ensure every query is met with an efficient and tailored solution, solidifying our reputation as one of Pakistan’s top tax consultancy firms.
FEATURED SERVICES
Tax Consultancy-Core Competence
- Formulation of integrated tax planning and strategy;
- Preparing and filing income tax and sales tax returns for Clients;
- Preparing and filing appeals against tax assessments;
- Representation before the Appellate for a, including tax tribunals;
- Cross-border tax advisory services to Companies and (non-resident) individuals
- Dealing with transfer pricing tax issues;
- Tax counseling for Expatriates;
- Tax compliance work for companies, individuals and AOPs;
- Affecting representation on behalf of our clients before the tax authorities, tax tribunals, and the High Courts of Pakistan;
- Updating our Clients with the latest developments and amendments in tax laws
- Goods and services tax advisory – General Sales tax;
- Provincial sales tax advisory;
- Advising and preparing clients for tax audit and investigation;
Business Advisory and Consulting
- Incorporation of Companies and Registration of Firms
- Investment appraisals.
- Corporate restructuring and related advisory
- Listing with Pakistan Stock Exchange
- Pre and Post IPO Services
- Mergers and Acquisitions Services
- Individual and family held business Corporate planning
Regulatory Compliance and Reporting
- Advice on regulatory compliance and reporting
- Advice on governance issues to top management and corporate Boards
- Assessment of organization’s regulatory risk profile
- Advice on identification of business risks and development of risk matrix
- Advice on development of risk management strategies
- Business assessment and benchmarking against standard industry practices
- Independent assurance on regulatory compliance of financial statements
- Advice and assistance for getting business authorizations from regulatory bodies
- Assistance and support in dealing with regulatory enforcement actions
TEAM
Ashfaq Tola - FCA
Our Founder and Chairman
Our founder, Mr. Ashfaq Tola, was heading the taxation and advisory domain in Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants (“NZAJ”) as a senior partner. He has performed various assignments for both Federal and Provincial Governments of Pakistan. Following are some of his prominent contributions:
Held the prestigious position as President of ICAP (2022) and at present is a council member
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 Keynote 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
Detailed profile of our founder may be accessed through- Mr. Ashfaq TolaFounder of Tola Associates.
EXECUTIVE DIRECTOR
MR. VIJAY KUMAR – FCA, Executive Director
Mr. Vijay Kumar, FCA, is a fellow member of the Institute of Chartered Accountants of Pakistan having vast experience of more than 24 years at top management positions. Mr. Kumar has served in various capacities in multinationals as well as privately owned Companies. He has immense grip over subjects of Taxation, Corporate Laws, IFRS, Corporate Governance, Financial Analysis, Financial Reporting, Internal Audit, Internal Controls, Budgeting and Treasury and Project Management. His industrial experience brings service expectations and perceptions of the client side to Tola Associates enabling the firm to better serve its clients.
Barrister-at-Law
Mr. Muhammad Asad Ashfaq
Mr. Asad read law from the University of London (UK), where-after, he commenced his post-graduate studies and completed the Bar Professional Training Course from the University of the West of England, Bristol, United Kingdom and was subsequently called to the Bar of England and Wales from the Honorable Society of the Inner Temple. He also holds a certification in Civil and Commercial Mediation from the ADR Group, London; is enrolled with the Sindh Bar Council; and is also a member of the Karachi Tax Bar Association.
Asad has previously worked with leading names in the profession; his legal expertise span over a range of subjects such as, inter-alia, banking and finance law, civil laws, criminal law, constitutional law, administrative law, family law, corporate law, commercial law, and taxation law.
The Legal 500, 2019 Edition, recommends Asad in the area of Dispute Resolution, wherein he is listed as an “experienced, knowledgeable and hardworking lawyer”.
Chief Economist/Financial Analyst PhD Scholar
Mr. Muhammad Ahsan Ahmed
Mr. Ahsan is a PhD Scholar associated with the Applied Economic Research Center (Institution of National Capability in Applied Economics), University of Karachi, and Tola Associates. He is responsible for examining Pakistan’s Macroeconomic Indicators and forecasting on the back of both descriptive and Econometric analysis. His area of specialization is the Industrial sector and trade in which he is currently pursuing his MPhil thesis. Moreover, he has been working under Mr. Ashfaq Tola as an Economic Advisor. Earlier, he was associated with SOORTY Enterprise Pvt Ltd a well-known industry in the field of textile, where he oversees the planning of resource allocation, cost management analysis, etc. under Central Planning department.
President LLM in International Tax Law
Mr. M Amayed Ashfq Tola
Mr. M Amayed Ashfq Tola read law at the University of London (UK), where-after he went to Birmingham, UK, for his Postgraduate Diploma in Legal Practice Course from Birmingham City University, graduating with a commendation award. Additionally, Amayed pursued a Diploma in Taxation from the Institute of Business Administration, Karachi achieving a distinction. To his credit, Amayed also holds a Master of Laws degree in International Taxation from the University of Amsterdam and IBFD, writing a thesis on how cryptocurrencies should be taxed in Pakistan. The said thesis was written as a student researcher whilst being part of the Cashless Platform Technology Project initiated by the University of Amsterdam. To-date, Amayed has worked in a host of areas of law, including but not limited to; constitutional law, tax law, international tax law, administrative law and civil litigation.
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