NCCPL to collect capital gain tax on February 27

KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Tuesday said that it will collect Capital Gain Tax (CGT) for the month of January 2019 from stock brokers on February 27.

In a notification, it said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period January 01, 2019 to January 31, 2019, would be collected on Wednesday, February 27, 2019 through respective settling banks of the Clearing Members, along with refund or adjustments on the basis of amount collected up to previous month.

All Clearing Members have been directed to ensure requisite amount in their respective settling bank’s account.

Necessary details and reports for the said period have already been made available in the CGT System, the NCCPL said.

Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period January 01, 2019 to January 31, 2019, would also be collected from the Pakistan Mercantile Exchange on Wednesday, February 27, 2019.

Necessary details and reports for the said period have already been made available.

Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period December 01, 2018 to January 31, 2019.

Necessary details and reports have already been made available in the CGT System.

Clearing Members, Pakistan Mercantile Exchange and Mutual Funds have been asked to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, it warned.

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