Advanced Taxation Study Material

icap cfap5 study text and Course Outline:

Download icap cfap5 study text from the links given. The course outline gives an overview of Syllabus of CFAP Advanced Taxation . The detailed Syllabus of icap cfap5 study text Advanced Taxation for Spring 2022 attempt is given below.

icap cfap5 study text
  • Income tax laws
  • The Income Tax Ordinance, 2001
  • Notifications, Rules, General orders and Circulars issued under the Income Tax Ordinance, 2001 excluding specific double taxation agreements
  • Sales tax laws and Federal excise laws
  • The Sales Tax Act, 1990
  • The Provincial Sales Tax
  • The Islamabad Capital Territory (Tax on Services) Ordinance, 2001
  • Notifications, Rules, General orders and Circulars issued under the Sales Tax Act, 1990
  • The Federal Excise Act, 2005 (Chapters I and II only)
  • Notifications, Rules, General orders and Circulars issued under the Federal Excise Act, 2005 relevant to Chapters I and II only
  • Professional values, ethics and attitude
  • Principle of fair tax legislation and tax administration
  • Ethics for tax payers and tax practitioners
  • Tax evasion and avoidance
  • SECTION 110
  • THE FUNDAMENTAL PRINCIPLES
  • General
  • 110.1 A1 There are five fundamental principles of ethics for chartered accountants:
  • (a) Integrity – to be straightforward and honest in all professional and
  • business relationships.
  • (b) Objectivity – not to compromise professional or business judgments
  • because of bias, conflict of interest or undue influence of others.
  • (c) Professional Competence and Due Care – to:
  • (i) Attain and maintain professional knowledge and skill at the
  • level required to ensure that a client or employing organization
  • receives competent professional service, based on current
  • technical and professional standards and relevant legislation;
  • and
  • (ii) Act diligently and in accordance with applicable technical and professional standards.
  • (d) Confidentiality – to respect the confidentiality of information acquired as a result of professional and business relationships.
  • (e) Professional Behavior – to comply with relevant laws and regulations and avoid any conduct that the chartered accountant knows or should know might discredit the profession.
  • R110.2 A chartered accountant shall comply with each of the fundamental principles.
  • 110.2 A1 The fundamental principles of ethics establish the standard of behavior expected of a chartered accountant. The conceptual framework establishes the approach which an accountant is required to apply to assist in complying with those fundamental principles.
  • Subsections 111 to 115 set out requirements and application material related to each of the fundamental principles.

icap cfap5 study text Advanced Taxation
110.2 A2 A chartered accountant might face a situation in which complying with one
fundamental principle conflicts with complying with one or more other
fundamental principles. In such a situation, the accountant might consider
consulting, on an anonymous basis if necessary, with:
 Others within the firm or employing organization.

icap cfap5 study text Advanced Taxation

Those charged with governance.
 A professional body.
 A regulatory body.
 Legal counsel.

icap cfap5 study text Advanced Taxation
However, such consultation does not relieve the accountant from the responsibility to exercise professional judgment to resolve the conflict or, if necessary, and unless prohibited by law or regulation, disassociate from the matter creating the conflict.

icap cfap5 study text Advanced Taxation
110.2 A3 The chartered accountant is encouraged to document the substance of the
issue, the details of any discussions, the decisions made and the rationale for
those decisions.
SUBSECTION 111
INTEGRITY
R111.1 A chartered accountant shall comply with the principle of integrity, which
requires an accountant to be straightforward and honest in all professional
and business relationships.

icap cfap5 study text Advanced Taxation
111.1 A1 Integrity implies fair dealing and truthfulness.
R111.2 A chartered accountant shall not knowingly be associated with reports,
returns, communications or other information where the accountant believes
that the information:

icap cfap5 study text Advanced Taxation
(a) Contains a materially false or misleading statement;
(b) Contains statements or information provided recklessly; or
(c) Omits or obscures required information where such omission or
obscurity would be misleading.
111.2 A1 If a chartered accountant provides a modified report in respect of such a report, return, communication or other information, the accountant is not in breach of paragraph R111.2.
R111.3 When a chartered accountant becomes aware of having been associated with information described in paragraph R111.2, the accountant shall take steps to be disassociated from that information.

Study material provided by ICAP

Study material from various sources:-

Tax Memorandums:

Tax Year 2017

Tax Year 2016

Tax Year 2015

Tax Year 2014

Tax Year 2013

Tax Year 2012

Tax Year 2018 notes:

Tax Year 2017

Tax Year 2016

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