Karachi, September 5, 2023 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of capital gain tax (CGT) on the disposal of shares will take place on September 12, 2023.
This announcement follows a period of trading at the Pakistan Stock Exchange from July 1, 2023, to July 31, 2023.
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According to the statement released by NCCPL on Tuesday, the aggregate amount of CGT arising from the disposal of shares during the specified period will be collected through the respective settling banks of the Clearing Members on September 12, 2023. All clearing members have been advised by NCCPL to ensure that the requisite amount is available in their respective settling bank accounts. Detailed information and reports for the CGT collection have already been made accessible through the CGT System.
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Additionally, the aggregate amount of CGT arising from the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period between July 1, 2023, and July 31, 2023, will also be collected on September 12, 2023. The necessary details and reports for this period have already been made available to concerned parties.
Furthermore, the aggregate amount of CGT arising from the redemption of units of open-end mutual funds for the period from July 1, 2023, to July 31, 2023, has been finalized. Detailed information and reports for this category have also been made accessible through the CGT System.
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Clearing Members and Pakistan Mercantile Exchange are strongly advised to verify the investor-wise details of capital gain or loss and the corresponding tax amounts through available reports and downloads.
The NCCPL has issued a warning that, in case of non-compliance or partial collection of CGT, necessary actions will be taken in accordance with the Rules and NCCPL Regulations. It is imperative for all parties involved to ensure compliance with the CGT collection schedule to avoid any potential legal consequences.
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This announcement serves as a reminder to investors, clearing members, and stakeholders in the financial sector to fulfill their tax obligations promptly and in accordance with the established guidelines.
