KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) on the disposal of shares for the month of March 2020 will take place on April 29, 2020.
In a recent communication, the NCCPL stated that the total CGT arising from the disposal of shares on the Pakistan Stock Exchange (PSX) for the period from March 1, 2020, to March 31, 2020, will be collected through the respective settling banks of the clearing members. The NCCPL has urged all clearing members to ensure that the requisite amount is available in their respective settling bank accounts by the due date.
Additionally, the NCCPL announced that the CGT on the trading of future commodity contracts at the Pakistan Mercantile Exchange (PMEX) for the same period would also be collected on April 29, 2020.
Provisional reports for the March period have been made available, and final reports along with collection details will soon be accessible in the CGT System, according to the NCCPL.
The NCCPL has directed clearing members and the Pakistan Mercantile Exchange to verify the investor-wise details of capital gains or losses and the corresponding tax through the provided reports and downloads. It has also issued a warning that any cases of non-collection or partial collection of CGT will result in legal action.
This measure is part of the NCCPL’s ongoing efforts to streamline the collection of taxes and ensure compliance with regulatory requirements. The collection of CGT is crucial for maintaining transparency and accountability in the financial markets, particularly in times of economic uncertainty.
Clearing members are advised to meticulously check their records and ensure that all dues are settled promptly to avoid any legal complications. The NCCPL’s move underscores the importance of adherence to tax regulations and the role of financial institutions in supporting the country’s economic framework.
For more details, clearing members and investors are encouraged to review the provisional and final reports available in the CGT System and ensure timely compliance with the tax collection process.
