Syllabus of CFAP5: Advanced Taxation

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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.

syllabus of CFAP5 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.

syllabus of CFAP5 Advanced Taxation

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

syllabus of CFAP5 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.

syllabus of CFAP5 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.

syllabus of CFAP5 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:

syllabus of CFAP5 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.