The National Clearing Company of Pakistan Limited (NCCPL) on Tuesday May 23, 2023 released the schedule for the collection of Capital Gain Tax (CGT) on the disposal of shares at the Pakistan Stock Exchange (PSX) and Pakistan Mercantile Exchange (PMEX).
NCCPL acts as the intermediary for collecting CGT on behalf of the Federal Board of Revenue (FBR).
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According to the announcement, the aggregate amount of CGT arising from the disposal of shares at the Pakistan Stock Exchange for the period of April 01, 2023, to April 30, 2023, will be collected on Wednesday, May 31, 2023. The collection will be made through the respective settling banks of the Clearing Members.
All Clearing Members are requested to ensure that the requisite amount is available in their respective settling bank accounts. Detailed information and reports for the specified period have already been made available in the CGT System.
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Similarly, the aggregate amount of CGT arising from the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period of April 01, 2023, to April 30, 2023, will also be collected on Wednesday, May 31, 2023. The necessary details and reports for this period have already been provided.
Furthermore, the aggregate amount of CGT resulting from the redemption of units of open-end mutual funds has been finalized for the period of February 01, 2023, to February 28, 2023. Detailed information and reports related to this period have already been made available in the CGT System.
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Clearing Members and the Pakistan Mercantile Exchange are requested to carefully verify the investor-wise details of capital gain or loss and the corresponding tax through the available reports and downloads. It is important to note that in case of non-collection or partial collection of CGT, necessary actions will be taken in accordance with the Rules and NCCPL Regulations.
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The NCCPL’s announcement emphasizes the importance of complying with the CGT requirements on the disposal of shares, as it plays a crucial role in the country’s tax collection efforts.
