Improvising Accounts, Withholding Tax Compliances, and Hierarchy Issues of Switch-ITC

Abstract

The purpose of the study is to assess the potential issues in Switch ITC and how these issues are posing loss to the overall financial fabric of the company. This study was conducted to evaluate nature of these problems in Switch ITC. It also aims to provide policy recommendations to the stakeholders by reviewing the current issues of Switch ITC, financial implications of it and remedial actions to resolve them. The goal of this project is to make readers aware of the importance of withholding tax compliance regarding employees’ salaries, account records in small firms and overall impact of hierarchy on those firms who are creative in nature. It is important for readers of future business owners to know which mistakes to avoid when it comes to these three domains. To achieve this goal, Primary data was collected with the help of managers and employees at Switch-ITC. Most of the data was comprised on structured interviews, details regarding salaries and petty cash handling at Switch ITC. A brief analysis of the broader telecommunication industry was done to properly understand the market dynamics that Switch- ITC was operating in. Details of those organizations were gathered apart from analysis based primary data to further comprehend organizations inner workings. SWOT and PESTAL analysis were conducted to assess the current standings of Switch ITC in Pakistani market. Problems were defined in details (accounts mismanagement, withholding tax compliance and hierarchical issues) so that readers can have clear understanding of the project. Analysis was conducted on the basis of primary data and internal audit was recommended along with withholding tax compliance and feasibility analysis to get the clear understanding of the firms standing in the market. The creative freedom of the employees was further broadened through inclusion of Horizontal hierarchy system and to promote the sense of creative thinking