P3 exemption

Hi,
I am a qualified chartered accountant (ICAI). I am also an existing ACCA student. So far, I have passed all the ACCA papers except for this P3 paper. Will ACCA give me exemption for this P3 paper given that I have already qualified the ICAI (via Mutual Memberships etc.)?
Also, I have had 5 year practical experience (2 years as trainee accountant with an approved ACCA employer and 3.5 years as auditor in big 4). If I want to apply for ACCA membership, do I still have to submit the annual PER return to ACCA? I have never done even one so far.