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ICAP · Tax Practices
CFAP-5 · Tax Practices
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Exam: 6 Jun
Trap of the day
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0 of 4 reviewed
ICAP CFAP-5 — question pattern playbook
Built from S24, W24, S25, W25 papers + examiner comments. Click any question type for its pattern, solving steps, and traps.
Overall pass rates: S24 34% · W24 32% · S25 27% · W25 47%. Q1 is the make-or-break.
Tap any question type. Each opens its recurring pattern, a step-by-step solving method, and the specific traps examiners flagged across the four papers.
Sales Tax adjustments and their treatments, organised by category
Sales Tax — Adjustment Treatment Summary
Every adjustment type from your 43 practice questions · click any row for treatment + section
Output tax
Input allowed
Input disallowed
Reduced rate
Zero-rated
Exempt
Withholding
Source: Compiled from the 43 sales tax practice questions and their answers in your TTP folder, cross-checked against the bare act schedules. Each treatment reflects ICAP's expected answer. Section references are to the Sales Tax Act, 1990 unless noted.
FED methodology, chargeable items and exemptions
Solving methodology
What is chargeable
What is exempt
The 9-step FED computation drill
1
Classify the transaction
Goods or service? Produced in Pakistan / imported / non-tariff area?
FED hits manufacturer and importer ONLY — never the dealer, distributor, wholesaler or retailer (this is the opposite of sales tax). For each line item write the category first. Services have their own rate table and a separate "sales tax mode vs not" split.
2
Is it chargeable or exempt?
Only First Schedule items are dutiable. Everything else is outside FED.
If the item is not in the First Schedule → no FED, and any input duty embedded in it is inadmissible. Check the exemption notes too: EPZ supply, ship stores, in-house use, Gwadar Free Zone, etc. Mark each line as taxable / exempt / zero-rated before touching a calculator.
3
Pick the valuation basis
Ad valorem · retail price · specific (per unit). State it explicitly.
Ad valorem = on value excluding FED. Retail price = FED is embedded, so gross up: FED = RP × rate ÷ (1+rate)... but for CSD/cigarettes the rate is simply applied to the printed RP. Specific = fixed Rs. per kg/litre/unit (cement Rs.4/kg, sugar Rs.15/kg). Writing the basis label is a free presentation mark.
4
Apply the correct rate
Memorise the common ones — examiners plant wrong rates in the draft.
Concentrate 50%, aerated water 20% of RP, cement Rs.4/kg, sugar to manufacturer Rs.15/kg, cigarettes Rs.16.5/cig (high) or Rs.5.05/cig (low), franchise 10%, banking/insurance 16%, telecom 19.5%. The Winter 2025 KBL draft used 15% everywhere — wrong on every line.
5
Compute output duty
Use the RIGHT value — retail price where the schedule says so.
For local sale of CSD, charge on retail price, not the sale price to distributor. Sales returns reduce output duty (Sec 6) — show the reversal with a note, don't drop it silently.
6
Compute admissible input duty
Input on GOODS only. Services = NIL input.
Adjustment allowed only if: input is a good (not service), directly used, payment made through banking channel, and supplier declared it in his return. So bank charges, royalty, air-ticket FED → NIL — input on services not allowed. Write the reason next to the zero.
7
Apportion for exports & exempt supplies
Input duty × (export value ÷ total value of supplies).
Exports are zero-rated but input is still claimable as a drawback. Pull out the export-related input portion separately. This apportionment line is the single most-dropped mark in FED questions — show numerator, denominator and result in full.
Keep the drawback on zero-rated supplies as a separate refundable figure — don't net it into the payable amount.
9
Add surcharge / past adjustments
Default surcharge: 12% or KIBOR+3%, whichever higher.
If duty was short-paid or uncollected earlier (e.g. PCL's April duty), bring it into the current month with default surcharge from the day after the due date to the day before payment. Conclude clearly: net payable OR refundable, plus drawback refundable.
The four traps that cost you marks every paper
1. Charging local sales on sale price instead of retail price. 2. Treating bank charges / royalty / air tickets as admissible input — they are services, NIL input. 3. Forgetting the export apportionment of input duty (drawback). 4. Using the draft's wrong rate without challenging it (15% blanket is the classic plant).
Mini worked example — beverage manufacturer (Winter 2025 style)
Concentrate import Rs.22m → 50% = 11.0m input
Aerated water 50,000 L × Rs.100 RP → 20% = 1.0m input
Sugar 50,000 kg → Rs.15/kg = 0.75m input
Bank charges & royalty → NIL (services)
Total input
12.75m
Less: export-related portion (apportioned)
(2.19m)
Local CSD 980,000 × Rs.90 RP × 20%
17.64m
Less: sales return 17,500 × Rs.90 × 20%
(0.32m)
Net duty payable
6.77m
Drawback on zero-rated exports (separate)
2.19m
Ad valorem on valueRetail price on printed RPSpecific fixed per unit
Chargeable goods — First Schedule
Goods
FED rate
Concentrates / flavours for aerated beverages
50% ad val
Aerated waters with added sugar / flavoured
20% of RP
Sugary fruit juices, syrups, squashes
20% of RP
Portland / aluminous cement, slag
Rs.4 / kg
White crystalline sugar (to manufacturing / processing / packaging entity)
Stock brokers, port / terminal operators, chartered flights
16% of commission
Telecommunication services
19.5% of charges
Mobile call > 5 minutes
+ 75 paisa / call
Shipping agents
Fixed
Chargeable services — NOT in sales tax mode
Inland carriage of goods by air
16% of charges
Franchise, royalty, fee for technical services
10% of charges
Air travel — domestic long route
Rs.1,500
Air travel — domestic short route
Rs.900
Air travel — international economy
Rs.12,500
Air travel — int'l club/business, Americas
Rs.350,000
Air travel — int'l club/business, ME/Africa
Rs.105,000
Air travel — int'l club/business, Europe/Aus/NZ
Rs.210,000
Exemptions — Sec 16 & First Schedule notes
General rule
Any good or service not specified in the First Schedule is outside FED entirely.
Third Schedule goods/services are exempt subject to conditions stated therein — and no input adjustment is allowed on them.
Federal Government may exempt for national security, natural disaster, food security, emergencies, or bilateral/multilateral agreements.
First Schedule goods — exempt in these cases (Note 1)
Ship stores to ships / aircraft leaving for abroad (subject to customs collector's satisfaction).
Supplied / donated to the President's Fund for Afghan Refugees.
Cabinet Division — for donation to a foreign country on a natural disaster.
Supplied against international tender for Afghan refugees.
Zone & in-house exemptions (Notes 2–4)
EPZ — goods supplied for further manufacturing in an Export Processing Zone are exempt.
Gwadar Free Zone — supplies to businesses there exempt for 23 years (but sales outside the zone into Pakistan are taxable).
In-house use — goods (excl. unmanufactured tobacco) manufactured and used in-house to produce other duty-paid goods are exempt.
Cigarettes / cigars — exempt if (Note 5)
Supplied against foreign exchange on international flights by PIA.
Biris made by hand in tapered shape without any manual / power machine.
Supplied to Pakistan Navy for consumption on its vessels.
For the President, Governors, their families and guests (on written orders, specially crested).
Against foreign exchange to duty-free shops.
Scheme & diplomat exemptions (Note 6)
Raw materials, components, plant & machinery under Export Facilitation Scheme 2021.
Goods imported / supplied under grants-in-aid (with Board consent).
Imports by diplomats, diplomatic missions, privileged persons / organizations under relevant Acts.
Exempt services
Advertisement in newspapers and periodicals; ads financed out of grants-in-aid.
Marine insurance for export, life, health, crop and livestock insurance.
Banking services for Hajj/Umrah, cheque book, utility bill collection, musharika/modaraba financing.
Merchant Discount Rate (MDR) on digital payments.
International leased lines / bandwidth (excl. those by foreign satellite companies).
Air travel by Hajj passengers and diplomats.
Exemption traps from examiner comments
FED on air tickets was not treated as inadmissible input (Winter 2024). Inland air carriage was missed as being under FED "not in sales tax mode" (Summer 2025). EPZ construction supply should be zero-rated, not exempt (Summer 2024).
Ethics question (Q7) — deep dive
Section 600 of ICAP Code of Ethics (Revised 2024). 5 threats · 5 fundamental principles · evaluation factors · safeguards taxonomy.
Pass rates here are high (S25 75%) IF you apply scenario-by-scenario. Brain-dumps score near zero.
THE 5 FUNDAMENTAL PRINCIPLES (which may be breached)
THE 5 THREATS (what arises)
EVALUATING THE LEVEL (the factors examiners want)
SAFEGUARDS (how to mitigate)
PAST PAPER WORKED EXAMPLES
Tap any node. Read top-to-bottom: principles → threats → evaluation → safeguards → worked cases.
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CFAP-5 · Tax Practices — Summer 2026
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The 8 ICAP question types, ranked by frequency — then type over the model answers to lock in examiner structure.
T4Procedural · "advise the steps"most frequent · 52%
The route is decided; the marker wants chronological actions with section references and timeline figures. Touches half of all CFAP-2 questions.
Trigger verbs
outline the stepsthe process to be followedrequirements to be complied withstatutory compliancesconditions and procedural steps
Skeleton
1Group as before · at · after the trigger event (board meeting, EGM, remittance, transaction date).2Each step: who → action → section → timeline (35 days board-to-AGM for election; 21 days competitive bid window; 7 days book-closure notice to PSX; 120 days to accept a squeeze-out offer).3Never skip the pre-event work: board resolution, registered-valuer report ≤6 months old, claims advert in English + Urdu, PSX price-sensitive disclosure.4Close with post-event filings to SECP / SBP / PSX within the prescribed window.
Statutory anchors
FE Manual ch.19–20Companies Act ss.279–285PSX Rule Book ch.5Takeover Regs 2017Further Issue Regs 2020
Worked · S25-Q3 (HTL remits USD 15m to acquire 60% of a Singapore co)
Before: HTL picks one AD branch → submits a designation request through that AD to SBP's Exchange Policy Department → forwards detailed application (board resolution, target FS, valuation, SPA). AD does ML/TF + FX-risk due diligence and forwards to SBP. At: remit only on SBP approval through the designated AD. After: file prescribed returns through the AD; preserve share certificates for AD records.
Timelines are individual marks — a step without "within X days" is half-marked. S25 candidates missed the designation-request step; S25-Q4(b) candidates missed the PSX 7-day book-closure notice and pre-publication submission to PSX.
T5Choose the legal mechanismlowest-scoring · 22–28%
Pick the correct route and reject the wrong ones with reasons before any conditions. The hardest type in the paper.
Trigger verbs
most appropriate course of actionoptions available toadvise on the most appropriate optiondiscuss the possibility of
Skeleton
1List every candidate route on the facts (winding-up · compromise/arrangement · CRC rehabilitation · do nothing).2For each, state in one line whether its trigger conditions are met; reject misfits explicitly with reasons.3Recommend the fitting route; justify why the others fail.4Only then give conditions — compromise needs a majority in number representing three-fourths in value of each class; both tests are mandatory; Court sanction binds dissenters.
Worked · S25-Q1 (STL) + the two-test trap from S21-Q4
STL: reject winding-up (assets viable, units operating, Chairman avoids court) and CRC rehabilitation (court-supervised) → recommend compromise / arrangement with creditors. S21-Q4 shows the trap: even where creditors holding three-fourths in value attend, the scheme fails if the majority-in-number test isn't also met. Both tests are mandatory.
Listing conditions for the wrong route earns zero. Most S25-Q1 candidates wrote rehabilitation conditions. Spend 90 seconds choosing — and rejecting — routes before any procedure.
T1Quantify · "determine the maximum"verified
A number is the answer, reached by cascading every applicable cap. The binding answer is the lowest — not just two limits.
Trigger verbs
determine the maximumcalculate / assess solvencyamount to be paidanalyse the number of votes
Skeleton
1List every applicable cap. For an employee fund that's four: fund-size sub-limit, instrument-class limit, sector limit, single-company limit. For NBFC: per-party exposure, equity multiple, contingent-liability cap.2Compute each net of existing holdings — markers award the subtraction line.3Strip impermissible items: bank's own shares as collateral, lien on own account, guarantee securing another facility, items the regulation says "ignore".4Answer = lowest of computed limits; cite the binding rule.
Worked · S24-Q5 (DEP fund → NSL), fund size Rs 1,500m
The maximum is the lowest of four limits, each computed net of existing holdings:
A equity sub-limit = 1,500×30% − 267 (GSL+HPL+OSL) = 183
B steel-sector cap = (1,500×30%)×20% − 67 = 23
C listed-securities = 1,500×50% − 450 − 267 = 33
D single-company = lower of (1,500×30%×10%=45) and (5%×NSL=200) = 45
Maximum into NSL = lowest of A,B,C,D = Rs 23m (sector cap binds).
Cohort computes one or two limits and stops. Here the binding cap was the third. W24-Q7(b): candidates wrongly counted a CFL guarantee and BBL-account lien — both inadmissible.
T7Bookwork · "state the conditions"new from mining
A clean statutory list is the answer. When a number is asked for ("any eight"), the count itself is examined — under-list and you cap your marks.
Trigger verbs
state the conditionsdiscuss any eight circumstancesgrounds on whichconditions under whichexplain the provisions
Skeleton
1Open with the controlling statute + section / chapter.2List each condition or ground as a distinct numbered point — not prose paragraphs. If the question asks for "any eight", produce exactly eight (or more, marked as alternatives).3Use statutory language: shall, notwithstanding, subject to, provided that.4If facts are given, tie each ground to the facts in one line — "this applies because X requested Y".
Worked · S21-Q1 (8 distinct circumstances for refusal/delay of share transfer)
Under the Companies Act 2017 share-transfer provisions, a company may refuse or delay registration where: (1) the instrument of transfer is defective in form or stamping; (2) the articles impose restrictions and these have been triggered; (3) the transferor's shares are subject to a lien for unpaid calls; (4) a court order restrains the transfer; (5) the transferee fails the qualification-share or fit-and-proper criteria where applicable; (6) the shares are charged or pledged; (7) the transferor is in default of declarations under takeover or substantial-acquisition rules; (8) statutory bars apply (e.g. transfer would breach Insurance Ordinance or Banking Companies Ordinance limits).
Two failures: (i) prose instead of distinct points loses format marks; (ii) producing 5 grounds when "any eight" was asked caps you at ~6/10 — the count is part of the mark scheme. Trend note: older sittings had more T7; the syllabus has been shifting toward applied scenarios.
T3Evaluate a proposal or commentverified
A character asserts things. Confirm or refute each — and where a claim has two halves, judge both.
Trigger verbs
evaluate the commentscritically reviewevaluate the comparative advantagesevaluate the concerns raised
Skeleton (per assertion)
1Restate the comment in one line so the marker sees you addressed it.2Cite the controlling provision.3Say "correct" or "incorrect" — never paraphrase law and stop.4If incorrect, state the correct position. If the claim compares two entities, rule on both sides.
Claim: "PIL can do pension + reinsurance; PLL can only lease." Partly correct on PIL — but pension fund is life business, reinsurance is non-life, and an insurer cannot do both simultaneously. Incorrect on PLL — with an investment-finance-services licence, an NBFC may undertake leasing, discounting and other forms, not leasing alone.
S24 examiners penalised candidates who ruled on PIL but ignored PLL. Each comparative claim is two verdicts. Reciting law without "correct / incorrect because…" earns no application marks.
T8Identify flaws · "shortcomings in the plan"new from mining
You audit a plan or proposal for defects and prescribe fixes. Distinct from T3: T3 reacts to someone's comment; T8 audits a written plan.
Trigger verbs
identify shortcomingshighlight discrepanciesanalyse each and highlightcritically review to identify flawsshortcomings and necessary changesadvise on the risks
Skeleton (per flaw)
1Name the defect — quote the clause / proposal element that's wrong.2State the rule it violates with section reference.3State the consequence if uncorrected (rejection by SECP, scheme invalid, exposure to penalty).4Prescribe the corrective action in one line — what the company must do to cure.
Statutory anchors
Further Issue Regs 2020POR 2017Companies Act ss.58–83ATakeover Regs 2017
Worked · W24-Q6(a) (ASL's right-issue plan — 8 marks)
Four discrete flaws to surface:
Flaw 1 · plan offers rights to selected holders only
→ Further Issue Regs 2020: rights must go to ALL existing shareholders in proportion → fix: extend offer pro-rata to every holder.
Flaw 2 · non-cash consideration contemplated
→ rights must be issued against FULL CASH only → fix: separate the non-cash issuance under a different mechanism.
Flaw 3 · different issue prices for different holders
→ price must be the SAME for all shareholders → fix: single uniform issue price.
Flaw 4 · BCL has not undertaken to subscribe its portion
→ if BCL refuses, that portion must be UNDERWRITTEN by a licensed underwriter → fix: secure underwriting commitment before launch.
Two common failures: (i) listing what's wrong without the fix — half-marks at best; (ii) treating it as T3 and "evaluating" the plan in general terms instead of itemising defects. Each flaw is a separate ~2-mark unit.
T2Item-by-item judgementverified
A list of items; same test applied to each — and the reason carries the mark, not the verdict.
Trigger verbs
discuss validity of eachassess eligibility of eachlikely outcome for eachadvise which can be acquired / assigned
Skeleton (per item)
1Name the item; cite the controlling rule.2Apply rule to the item's specific facts.3Conclude: valid / invalid, eligible / not, accept / reject.4Give the reason in statutory language; scan for a second disqualifier in the same item.
Statutory anchors
POR 2017 (book building)Indep. Dir. Regs 2018BCO 1962 ss.9–24CRC Act 2016
Worked · W24-Q4 (book-building bids) & W24-Q1 (director eligibility)
Bid C-1: price ≥ floor and ≥ indicative strike, size within limit → accept. Bid C-2: a downward revision → reject — POR 2017 bars downward revision once a bid is in the book. Moin Hassan: 4 years' tax-law experience → ineligible — fails the mandatory 5-year minimum for an independent director.
"Accept / reject" alone scores almost nothing. A single disqualifier is enough — you don't need to find more — but you must state the one that decides it.
T6Drafting · "prepare a note / plan / response"verified
A structured deliverable for a named audience. Format itself carries marks — write it as if you'll send it.
Trigger verbs
prepare a noteprepare a planprepare an appropriate responsedraft the resolutionprepare a checklist
Skeleton
1Open with To / From / Subject (a note) or a one-line purpose (a plan).2Group provisions under bold theme headings.3Each entry: section → rule → how it applies to the named entity / individual.4Close with explicit action items tagged to the addressee, each with timeline.
Statutory anchors
Securities Act 2015 ss.127–131PSX Rule Book ch.5SECP AML Regs 2020CCG Regs 2019
Worked · W24-Q5 (insider-trading note for ML's board)
Three mark-bearing buckets the examiner listed: (1) maintain a list of insiders with prescribed particulars; (2) designate a senior officer to update the list and keep records; (3) obtain written acknowledgements from every insider of Securities Act 2015 compliance. Add close-period and "disclose to SECP/PSX before any other party" provisions.
Essay prose without headings loses the format marks. Address the named person and close with dated action items — the marker scans for structure, not paragraphs.
This map shows how Grid A statutory topics and Grid D cross-laws are tested together in CFAP-2 scenario questions. Each connection reflects an examiner-identified linkage from past papers. Dashed gold rings mark highest-frequency nodes. Use the search box above to jump straight to a section number.
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