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Imran Chughtai (Added Value (Talent development (Training &…
Imran Chughtai
Expertise / Knowledge
M&A
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Acquisitions - 7
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largest value $50m
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Logistics & distribution company,
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Added Value
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Talent development
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Former employees, many working as CFO's and in senior finance positions. Still remain in contact with many of my people across the globe.
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Procuremet (PoV)
No cost productivity in business, procurement dept savings could not be identified , a formal tracking system needed implementation
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Ideas provided to countries by finance, procurement & Ops
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Tax
Whirlpool Australia loss making for many years, very aggressive tax authority, potential challenge on transfer pricing and therefore tax NOl's - at risk $22m of tax NOL's
Implemented advanced pricing agreement with Australian tax authorities through limited risk distributorship structure, guaranteeing pre-tax profits at 2%-3% of sales
This safeguarded challenge on tax Nol's saving a P&L impact of circa $5m
No Asia wide tax reporting system, did not understand total universe of risks and complete follow up of deferred tax & NOL position
Implemented Asia wide reporting system, implemented greater control and regional understanding
ZP: Known bad historical structures which would give rise to significant tax liabilities in the future ion repatriation of capital in certain subsidiaries
Addressed problematic holding structure where offshore company in tax haven held a value increasing land asset. The capita; for the original purchase was contributed by 4 fellow subsidiary companies, any increase profits and any value above the value of the capital contributed would be taxed in the relevant jurisdiction when the structure was collapsed. By curtailing profits in offshore company, transferring underlying assets from one offshore company to another . Implemented long term strategy over 5 years to show minimal income and then repatriate capital back to companies that contributed capital
The restructuring has probably saved about $12m in future taxes
SAP recharge mechanism was flawed into the countries, charging them for costs that had not yet been incurred, charging based on size of business - not taking into account the basic development costs of the system for the organisation as a whole, no separate charges for unique set-ups for requested by countries. Furthermore, SAP project was coming in more expensive than planned, just allocating costs would push many countries pre-tax earnings down considerably and size of cross charges would be challenged by local tax authorities
Total SAP system reviewed, changes in methodology implemented - standard charge for development equally divided, future charges not charged until incurred, non-standard request from countries charged to that country. Challenge of country tax authorities ad charge deductibility dealt with by changing charging and amortisation period of the system. These actions have saved $Xm dollars from potentially challenges and professional fees.
Risk management
No clarity on why certain amounts insured. Some over insured and some under. Not tax optimised. Insured by lower grade insurers, no engineering assistance, No clear understanding on reporting of insurance captive
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Changed broker, moved to consultancy approach with fixed fees
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Reduced cost of insurances by $600k over two years whilst increasing the value of insurances by 20%. Included PDBI, Liability, Transit, D&O
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