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6 ACCA Taxation (Pakistan) questions with answers and explanations.
Printable worksheet with answer key
Under ACCA's table, what is the tax rate on a gain from selling securities acquired before 1 July 2013?
Correct answer: 0%
Securities acquired before 1 July 2013 are taxed at 0%.
Shares acquired after 1 July 2024 by a person on the ATL are sold for Rs. 1,500,000. The cost was Rs. 1,000,000 and disposal costs were Rs. 20,000. What is the tax at 15 percent?
Correct answer: Rs. 72,000
Gain = 1,500,000 - 1,000,000 - 20,000 = 480,000. Tax = 15% x 480,000 = 72,000.
A person not on the ATL (an individual) disposes of securities acquired after 1 July 2024. What rule does ACCA's table give?
Correct answer: The slab rates apply, subject to a minimum rate of 15 percent
Individuals and AOPs not on the ATL are taxed at the slab rates, subject to a minimum of 15%.
For immovable property acquired on or before 30 June 2024, how does the rate change as the holding period gets longer?
Correct answer: It falls
Longer holding periods get lower rates, and some become 0 percent.
A person has a capital loss and also salary income in the same year. What is the general rule?
Correct answer: The capital loss can be set only against capital gains
Capital losses are restricted to capital gains.
A company sells securities that it acquired after 1 July 2024, and it is not on the ATL. What is the rate for a small company in ACCA's table?
Correct answer: 20%
Small companies are at 20% and other companies at 29%.