Category: Business in Afghanistan

Syed Bilal Hashmi ACCA made the difficult decision to leave Afghanistan in December 2021, uprooting his family to seek a new life in Ireland. As the deputy auditor general of Afghanistan, he had dedicated over 12 years to his career, but the circumstances under Taliban rule made it impossible for him to stay.

When Kabul fell, Hashmi initially tried to continue his work but soon realized he had to leave for the sake of his family. They departed without saying goodbye, carrying only a few belongings. Their journey took them to Dubai, where they lived in a refugee camp for 11 months before finally settling in Ireland. Thanks to the support from ACCA, Hashmi was able to secure a position as an audit senior at Dillon Kelly Cregan, a Dublin-based accountancy firm.

Ireland offered a fresh start with strong education and healthcare systems for his children. Hashmi’s wife played a crucial role in easing their transition, teaching their children English, and helping them adapt to their new environment. His children are now in school, with one even launching a YouTube channel.

Hashmi’s professional journey began in Kabul in 2009, working for Zia Massoud. He later became CFO of Kabul Bank, which was under receivership, before moving to Malaysia to complete his ACCA qualification. Upon returning to Afghanistan, he took on leadership roles, including deputy head of CPA Afghanistan, contributing to the advancement of the accounting profession in the country. Under his leadership, Afghanistan’s first accountancy law was passed, a bachelor’s degree program in accounting was launched at Kabul University, and international recognition was achieved through ACCA’s support.

His work was not just a profession but a mission to fight corruption and bring transparency to Afghanistan. While many of his former colleagues have been evacuated, some remain in Kabul, making communication difficult.

Mohammad Aman Ahmadi, who met Hashmi multiple times at ACCA events held at Kabul Intercontinental Hotel and the Ministry of Finance, speaks highly of his professionalism and ethical conduct. Hashmi’s dedication to the accounting profession and his strong moral compass were evident in every interaction.

Despite the new opportunities in Ireland, Hashmi still hopes to return to Afghanistan if conditions improve, continuing his mission to strengthen the country’s financial and auditing institutions. For now, he is focused on building his career and supporting his family in their new home.

For more information visit: https://abmagazine.accaglobal.com/global/articles/2023/jan/interviews/exit-from-kabul.html

Pakistan, under the leadership of Prime Minister Shehbaz Sharif, has initiated a new phase of Afghan refugee deportations, targeting undocumented individuals and those holding ACC (Afghan Citizen Card). This decision will have profound economic consequences for both Afghanistan and Pakistan, as well as ripple effects on regional stability and global humanitarian efforts.

Impact on Afghanistan’s Economy

1. Sudden Influx of Returnees – With over 1.45 million Afghan POR (Proof of Registration) holders and thousands more undocumented individuals facing expulsion, Afghanistan must absorb a large, economically vulnerable population. This will strain already limited resources, including housing, jobs, and food supplies.
2. Pressure on Employment Market – Afghanistan’s job market, already weakened by economic downturns and reduced foreign aid, will struggle to accommodate returnees, leading to higher unemployment and potential social unrest.
3. Remittance Disruption – Many Afghan refugees in Pakistan send remittances back home. Their forced return could cut off a critical income source for Afghan families, reducing household purchasing power and increasing poverty levels.
4. Strain on Humanitarian Assistance – Afghanistan relies on international aid for food security and economic stability. A sudden refugee influx may push humanitarian agencies beyond their capacity, worsening economic instability.

Economic Consequences for Pakistan

1. Workforce Reduction – Afghan refugees contribute to Pakistan’s informal economy, particularly in sectors like construction, textiles, and agriculture. Their removal could lead to labor shortages and increased operational costs.
2. Real Estate and Business Impact – Afghan refugees are active in local trade and rental markets. Their expulsion may lead to declining rental income and economic slowdowns in refugee-dependent business hubs like Islamabad and Rawalpindi.
3. International Backlash and Sanctions Risks – The UNHCR has already expressed concerns over the forced deportation. If Western nations view the policy as a human rights violation, Pakistan risks economic consequences such as reduced foreign aid or diplomatic pressure.

Global Perspective & Regional Stability

• The situation raises concerns for Western countries engaged in refugee resettlement programs, as they may face increased pressure to accommodate Afghan migrants.
• Afghanistan’s economic instability could drive further migration waves, affecting Iran, Turkey, and European nations.

The upcoming months will determine how Afghanistan manages this refugee crisis and whether Pakistan faces economic or diplomatic consequences for its policy.

Continue reading “Economic Impact of Pakistan’s New Afghan Refugee Expulsion Policy”

Kabul Serena Hotel to Close After Nearly Two Decades – A Political and Economic Analysis

Kabul, Afghanistan – After almost two decades of service, the iconic Kabul Serena Hotel has announced it will cease operations effective February 1, 2025. The hotel, which has been a cornerstone of Afghanistan’s hospitality sector, will transition its management to the Hotel State Owned Corporation (HSOC), marking the end of an era for one of Kabul’s most prestigious establishments. This development comes amid Afghanistan’s evolving political and economic landscape, raising significant questions about the country’s future in business, tourism, and foreign relations.

A Pillar of Afghanistan’s Hospitality Industry

Since its opening in 2005, Kabul Serena Hotel has been a symbol of luxury, security, and professionalism in Afghanistan’s hotel industry. Over the years, it has hosted state delegations, diplomats, international visitors, business leaders, and local guests, setting a benchmark for world-class hospitality in the region.

Beyond its accommodations and services, the hotel has played a vital role in economic development, employing thousands of Afghans, empowering women in the workforce, and supporting local businesses. The loss of such an institution signals potential challenges for employment and economic sustainability in a nation still recovering from decades of conflict.

Why Is Kabul Serena Hotel Closing?

The management of Serena Hotels announced that the decision was made as part of a strategic transition, with the Afghan government’s Hotel State Owned Corporation (HSOC) taking over operations. However, the decision must be viewed within the broader political and economic realities of Afghanistan today.

• Declining Foreign Investment: Since the Taliban’s return to power in 2021, Afghanistan has faced a dramatic reduction in foreign aid, diplomatic presence, and business investments. International companies have scaled down operations, and embassies that once relied on Serena’s secure facilities have significantly reduced their presence.
• Government Control Over Key Sectors: The transition of Kabul Serena Hotel to HSOC aligns with the Taliban’s increasing control over major economic assets, a move that may further centralize power but raises concerns about efficiency and international cooperation.
• Financial Viability Challenges: With fewer international visitors, reduced diplomatic activities, and a struggling economy, sustaining a high-end luxury hotel has become increasingly difficult. Government-run institutions often lack the same financial management expertise as private enterprises, raising concerns about the hotel’s long-term sustainability.

Impact on the Afghan Economy and Tourism

The closure of Kabul Serena Hotel has profound economic and political implications:

• Loss of International Standard Hospitality: Serena Hotels set a high benchmark for security, service, and quality, which encouraged international travelers and businesses to operate in Afghanistan. With its closure, business delegations, NGOs, and international organizations may reconsider their presence in Kabul.
• Job Losses and Economic Setbacks: The transition will likely result in significant layoffs, affecting trained hospitality professionals who may struggle to find similar employment opportunities. Given Afghanistan’s already high unemployment rates, this could add pressure to an already fragile economy.
• Deterioration of Tourism and Business Confidence: While domestic travelers may continue to use the facility under HSOC management, international tourists and businesses may hesitate to book accommodations due to security concerns and uncertainty about service quality.
• Increased State Control Over the Economy: The shift highlights the growing dominance of state-run enterprises in Afghanistan, a model that, while providing government oversight, can also deter private sector competition and innovation.

What’s Next?

Serena Hotels has assured that while operations in Kabul are ending, the brand remains committed to delivering its world-class hospitality across its 33 destinations in 9 countries. Meanwhile, HSOC is expected to outline its vision and strategy for managing the property in the coming months.

However, several key questions remain:

• Will HSOC maintain the same level of security and service that international visitors expect?
• Can the Afghan government attract alternative investment in the hospitality sector?
• How will this transition impact foreign relations and business confidence in Afghanistan?

Final Thoughts

The closure of Kabul Serena Hotel marks a significant shift in Afghanistan’s hospitality landscape. It reflects broader economic struggles, shifting power dynamics, and the increasing challenges of operating internationally recognized businesses under current governance. Whether this transition strengthens or weakens Afghanistan’s economy and business environment will depend on how HSOC manages the hotel’s operations moving forward and whether international investors and guests maintain confidence in Afghanistan’s hospitality sector.

What are your thoughts on this development? Will HSOC maintain the same level of excellence? Share your views in the comments below!

https://www.serenahotels.com/kabul?srsltid=AfmBOooa97V0uIhIqPGaT2_PluwtBFzZf0Mm-C6wHU756V51Ckm9yHcA

Join the Institute of Public Accountants (IPA) – Your Path to Professional Recognition

At Fanoos Accounting Services (FAS), we are proud to support professionals and students in advancing their careers by becoming members of the Institute of Public Accountants (IPA). Established in 1923, the IPA is one of Australia’s three recognized professional accounting bodies, with a global network of over 50,000 members in more than 100 countries.

Why Join IPA?

Global Recognition:
IPA is a full member of the International Federation of Accountants (IFAC) and the Confederation of Asian and Pacific Accountants (CAPA), giving you access to global opportunities and recognition.

Legislative and Government Recognition:
IPA members are recognized as Qualified Accountants by the Australian Government and enjoy equal standing under ASIC (Australian Securities and Investments Commission) rulings.

Career and Migration Support:

• Access professional resources, training, and networking opportunities.
• Benefit from skills and qualification assessments for skilled migration to Australia.

Exclusive Member Discounts:
Receive a 25% discount on your next annual membership subscription for every new member you refer.

My Journey with IPA

As an Associate Member of the IPA (Membership No. IPA 354124), I have experienced first-hand the advantages of being part of this prestigious organization. From gaining international recognition to accessing valuable resources, my membership has been instrumental in advancing my career.

How Can I Help You?

I am here to assist anyone interested in becoming a member of IPA. Whether you are a student, accountant, or business professional, I can guide you through:

• Understanding the eligibility criteria.
• Preparing the required documents (e.g., academic qualifications, CVs, and reference letters).
• Completing your membership application process with ease.

Additional Benefits for Afghan Professionals

IPA membership is particularly beneficial for Afghan professionals, offering:

• Skilled Migration Pathways: The IPA’s qualification and skills assessments are recognized by the Australian Government, making it easier for Afghan nationals to apply for skilled visas.
• Support for Career Growth: With global recognition and resources, IPA membership positions you as a qualified professional in a competitive market.
• Safety and Stability: For those seeking a better future away from challenging circumstances, IPA membership is a step toward achieving your migration and career goals in Australia.

Take the Next Step Today

Joining the IPA is more than just a membership—it’s a gateway to global opportunities and professional growth. Let me help you embark on this journey.

For personalized guidance or more information, contact us at info@fanoosaccounting.com or reach out to me directly at aman@fanoosaccounting.com. You can also explore IPA membership benefits at publicaccountants.org.au.

Talaye Group Manufacturing Co.

We are delighted to share the feedback from Talaye Group Manufacturing Co., a leading manufacturer of premium facial tissues in the market, known for their brands Shaparak, Hi-Clean, and Pernian.

Our team at Fanoos Accounting Services recently had the privilege of enhancing their accounting system by implementing QuickBooks Desktop Enterprise Solutions. This upgrade streamlined their financial management processes, ensuring efficiency, accuracy, and better decision-making capabilities.

Mr. Mustafa Hashemi, a representative of Talaye Group, expressed his satisfaction with our services, stating:
“Fanoos Accounting Services has transformed the way we manage our finances. Their expertise in QuickBooks has made our processes smoother and more reliable, allowing us to focus more on growing our business.”

To express their gratitude, Mr. Hashemi also shared their products for us to highlight on our website.

Their Featured Products:

• Shaparak Facial Tissues
• Hi-Clean Facial Tissues
• Pernian Facial Tissues

We thank Talaye Group Manufacturing Co. for trusting us with their accounting needs and for showcasing their excellent products. We look forward to a long-lasting partnership and their continued success.

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CPA Afghanistan announce the new Membership and Licensing Regulations for audit firms and learning providers operating in Afghanistan. This is the first time that all audit firms and learning providers will be awarded a license from CPA Afghanistan for operating in Afghanistan market, which ensuring high standards in our profession. This regulations also allows the individual qualified members of IFAC registered professional bodies e.g. ACCA, CPA and CA members to obtain the CPA Afghanistan status based on criterias specified and approved by CPA Afghanistan board.

🗓️ 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞:
All registrations by audit firms and learning providers must be completed by 𝐌𝐚𝐲 𝟐𝟎, 𝟐𝟎𝟐𝟓. After this date, audit firms and learning providers will not be permitted to operate in Afghanistan without proper registration from CPA Afghanistan.

These regulations will create transparency, enhance professional development, promote credibility, and give licensed firms a competitive advantage in the Afghanistan market.

For more details on the registration process and requirements, please visit our website or contact us through:
𝐰𝐰𝐰.𝐜𝐩𝐚𝐚𝐟𝐠𝐡𝐚𝐧𝐢𝐬𝐭𝐚𝐧.𝐚𝐟
𝟎𝟐𝟎 𝟐𝟗𝟐 𝟒𝟐𝟖𝟎.

Financial policies play a crucial role in the effective management of any organization, whether it’s a corporation, a nonprofit, or a governmental entity. These policies serve as a framework for financial decision-making, ensuring that an organization’s financial resources are managed efficiently, transparently, and in alignment with its objectives.

1. Ensuring Financial Stability
Financial policies provide guidelines to maintain cash flow, reduce unnecessary expenditures, and allocate resources efficiently. This ensures the organization remains solvent and stable, even during economic challenges.
2. Promoting Accountability and Transparency
By establishing clear financial procedures, policies promote accountability among staff and management. Transparency in financial transactions fosters trust among stakeholders, including investors, donors, and regulatory bodies.
3. Facilitating Compliance
Strong financial policies ensure adherence to local and international regulations, tax laws, and industry standards, reducing the risk of legal penalties and enhancing the organization’s reputation.
4. Supporting Strategic Planning
These policies align financial practices with the organization’s strategic goals, enabling informed decision-making for long-term growth and sustainability.
5. Risk Management
Financial policies help identify, assess, and mitigate risks, such as fraud, mismanagement of funds, or fluctuations in revenue. This minimizes financial vulnerabilities and ensures the organization’s resilience.
6. Guiding Financial Reporting
Policies establish standards for preparing accurate and timely financial reports, which are essential for internal monitoring and external audits.
7. Enhancing Operational Efficiency
By standardizing processes such as budgeting, procurement, and expense management, financial policies eliminate inefficiencies and foster better resource utilization.
8. Building Stakeholder Confidence
Stakeholders, including investors, donors, and employees, are more likely to support an organization that demonstrates sound financial management practices.
Developing, implementing, and regularly updating financial policies is critical for any organization’s success. Such policies provide a roadmap for navigating financial challenges and capitalizing on opportunities while maintaining ethical and responsible financial practices.

Introducing Dext: Redefining Accounting Efficiency

Dext is a revolutionary accounting tool that simplifies data management, making financial processes faster and more reliable. Its robust integration capabilities with accounting software like QuickBooks and Xero allow accountants to streamline workflows, reduce errors, and save valuable time.

Features and Benefits

1. Smart Receipt and Invoice Management
   Upload, process, and organize receipts and invoices automatically, eliminating manual data entry.
2. Seamless Software Integration
   Connect Dext with QuickBooks, Xero, or other accounting platforms for real-time data synchronization.
3. Advanced Expense Tracking
   Gain comprehensive oversight of expenses with detailed categorization and approval workflows.
4. Cloud Accessibility
   Access your financial data anytime, anywhere, via Dext’s secure cloud platform.

Cost and Accessibility

Dext offers various pricing tiers tailored to the needs of small businesses, accountants, and large firms. With its subscription-based model, you can choose the package that aligns with your requirements while enjoying a significant ROI.

Impact on Financial Accuracy

By incorporating Dext into your financial processes, you can:

• Ensure accurate expense tracking and reporting.
• Reduce data entry errors through automation.
• Improve the efficiency of bookkeeping and client services.

New Opportunities with Fanoos

Fanoos is proud to introduce outsourcing Dext services to accounting firms in Australia, Canada, the USA, and the UK. Our expert team leverages Dext to optimize your clients’ financial workflows, ensuring accuracy and efficiency at every step.

Why Partner with Fanoos for Dext Services?

• Skilled Professionals: Our accountants specialize in utilizing Dext for maximum efficiency.
• Cost-Effective Solutions: Outsource with confidence and enjoy premium-quality services.
• Tailored Approach: We adapt to your firm’s specific needs and regulatory frameworks.

Transform your accounting operations with Dext and Fanoos! Contact us today to learn how we can elevate your business’s financial management.

Celebrate International Accounting Day with Fanoos Accounting Services!

Join Us for a Special Accounting Quiz Event!

At Fanoos Accounting Services, we’re thrilled to celebrate International Accounting Day this year on November 17th with a fun and informative quiz event! It’s the perfect opportunity to recognize the vital role accountants play in building and sustaining businesses around the world. Whether you’re an accounting enthusiast, a seasoned professional, or just curious to learn, this quiz is a fantastic way to test your knowledge and celebrate our profession.

Why Participate?

Accounting is the language of business, and understanding its fundamentals is key to any financial success. Our specially designed quiz covers the basics of accounting principles, from the accounting equation to understanding financial statements, and aims to refresh core concepts in a lively and engaging way.

What to Expect in the Quiz:

You’ll be challenged with 10 multiple-choice questions that cover essential topics, such as:

• The purpose of accounting and financial statements
• Key principles of double-entry accounting
• Important accounting terms like assets, liabilities, and equity
• The basics of accrual accounting

Who Should Join?

Everyone! Whether you’re an aspiring accountant, a business owner looking to enhance financial literacy, or a finance enthusiast, this event offers something valuable for all. We welcome Fanoos team members, clients, and community members to join in celebrating the accounting profession.

How to Participate

Simply visit our website on November 17th to access the quiz. Don’t miss the chance to compete, learn, and maybe even win some accounting-themed prizes!

Let’s make this International Accounting Day memorable by celebrating knowledge, professionalism, and the passion for numbers that brings us all together. We look forward to your participation!

Click here to start the Quiz

Stay tuned and Happy International Accounting Day!