Karachi, February 24, 2025 – The deadline for the payment of capital gains tax (CGT) on the disposal of shares at the Pakistan Stock Exchange (PSX) has been officially notified, urging all stakeholders to ensure compliance with the set timeline.
According to a notification issued on Monday, the National Clearing Company of Pakistan Limited (NCCPL) has scheduled the deadline for the collection of CGT for transactions conducted between January 1, 2025, and January 31, 2025. The total capital gains tax for this period will be collected on Monday, March 4, 2025, via the respective settling banks of Clearing Members (CMs). To avoid any issues, all CMs must ensure that sufficient funds are available in their settling bank accounts before the specified deadline. Relevant details and reports for this tax period have already been uploaded in the CGT System for review.
Additionally, the CGT applicable to the redemption of units from open-end mutual funds for the same period has been finalized. All relevant details are accessible through the CGT System, enabling investors and clearing members to verify their tax liabilities ahead of the approaching deadline.
To ensure a smooth tax collection process, all Clearing Members are required to carefully review the investor-wise details of capital gains, losses, and tax deductions via the reports available in the CGT System. In case of any discrepancies, members should take immediate action to rectify the issues before the deadline.
Furthermore, in instances of non-payment or partial collection of CGT, Clearing Members are obligated to submit the names of defaulting Unique Identification Numbers (UINs) to the NCCPL immediately after the CGT collection date. Failure to comply may result in disciplinary action under NCCPL’s Rules and Regulations.
As the deadline approaches, all stakeholders are advised to meet their tax obligations in a timely manner to avoid potential penalties and ensure compliance with regulatory requirements. The NCCPL remains committed to upholding transparency and efficiency in tax collection, reinforcing the importance of adherence to the notified timelines.
