TX D Capital gains

Written by Saad Rahman (ACCA)

ACCA · Taxation (Pakistan) · 6 questions

Name: ____________________ Date: ____________

Under ACCA's table, what is the tax rate on a gain from selling securities acquired before 1 July 2013?
- A 0%
- B 15%
- C 29%
- D 12.5%
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?
- A Rs. 225,000
- B Rs. 150,000
- C Rs. 72,000
- D Rs. 75,000
A person not on the ATL (an individual) disposes of securities acquired after 1 July 2024. What rule does ACCA's table give?
- A Nil
- B A flat 5 percent
- C The rate is always 29 percent
- D The slab rates apply, subject to a minimum rate of 15 percent
For immovable property acquired on or before 30 June 2024, how does the rate change as the holding period gets longer?
- A It is always 15 percent
- B It stays the same
- C It falls
- D It rises
A person has a capital loss and also salary income in the same year. What is the general rule?
- A The capital loss can be set only against capital gains
- B It can be set against all income
- C It is refunded in cash
- D It can be set against salary
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?
- A Nil
- B 20%
- C 29%
- D 15%

Answer key

1. A, 2. C, 3. D, 4. C, 5. A, 6. B

Securities acquired before 1 July 2013 are taxed at 0%.
Gain = 1,500,000 - 1,000,000 - 20,000 = 480,000. Tax = 15% x 480,000 = 72,000.
Individuals and AOPs not on the ATL are taxed at the slab rates, subject to a minimum of 15%.
Longer holding periods get lower rates, and some become 0 percent.
Capital losses are restricted to capital gains.
Small companies are at 20% and other companies at 29%.