Karachi, August 5, 2025 – The National Clearing Company of Pakistan Limited (NCCPL) on Tuesday issued a detailed circular outlining the revised tax regime for capital markets as introduced through the Finance Act, 2025.
The updated framework includes major amendments to Capital Gains Tax (CGT) rates across Pakistan Stock Exchange (PSX), Pakistan Mercantile Exchange (PMEX), and mutual funds, in addition to a new super tax structure applicable on capital gains for the tax year 2026.
The NCCPL clarified that the amended tax regime came into effect from July 1, 2025, and applies differently based on the acquisition date and holding period of securities. The rates vary for investors appearing on the Active Taxpayers List (ATL) and those not on it.
1. Capital Gains Tax (CGT) – PSX
| Acquisition Period | ATL Investors | Non-ATL Investors |
| Before July 1, 2013 | 0% | 0% |
| July 1, 2013 – June 30, 2022 | 12.5% | 25% |
| July 1, 2022 – June 30, 2024 (based on holding period) | ||
| – 1 to 2 years | 12.5% | 25% |
| – 2 to 3 years | 10% | 20% |
| – 3 to 4 years | 7.5% | 15% |
| – 4 to 5 years | 5% | 10% |
| – 5 to 6 years | 2.5% | 5% |
| – More than 6 years | 0% | 0% |
| July 1, 2024 – June 30, 2025 | 15% | 30% |
| On or after July 1, 2025 | 15% | 15% |
These progressive rates reflect the government’s efforts to encourage long-term investment by reducing the tax burden over extended holding periods.
2. Capital Gains Tax (CGT) – PMEX
| Acquisition Period | ATL Investors | Non-ATL Investors |
| Till June 30, 2025 | 5% | 10% |
| On or after July 1, 2025 | 5% | 5% |
The PMEX rates are uniform for the upcoming fiscal year, suggesting a simplified tax treatment for commodity market investors.
3. Capital Gains Tax (CGT) – Mutual Funds (MUFAP)
Stock Funds:
| Acquisition Period | Investor Type | ATL | Non-ATL |
| Till June 30, 2025 | Individual, AOP, Company | 15% | 30% |
| On or after July 1, 2025 | Individual, AOP, Company | 15% | 15% |
Other Funds:
| Acquisition Period | Investor Type | ATL | Non-ATL |
| Till June 30, 2025 | Individual, AOP | 15% | 30% |
| On or after July 1, 2025 | Individual, AOP | 15% | 15% |
| Till June 30, 2025 | Company | 25% | 50% |
| On or after July 1, 2025 | Company | 25% | 25% |
| On or before June 30, 2024, and holding period >6 years | All | 0% | 0% |
The NCCPL emphasized that all capital gains, regardless of applicable CGT rates, will be considered in computing the Super Tax liability under section 4C of the Income Tax Ordinance, 2001.
4. Super Tax on Capital Gains – All Markets
| Income Range (PKR) | Super Tax Rate |
| Up to 150 million | 0% |
| 150m – 200m | 1% |
| 200m – 250m | 1.5% |
| 250m – 300m | 2.5% |
| 300m – 350m | 3.5% |
| 350m – 400m | 5.5% |
| 400m – 500m | 7.5% |
| Above 500 million | 10% |
The NCCPL reiterated that it will be responsible for computing and collecting the Super Tax on behalf of investors across all markets. The implementation of this tiered structure aims to enhance revenue without burdening smaller investors.
These changes reflect the government’s broader strategy to strengthen documentation, incentivize long-term market participation, and ensure a fairer tax environment. The NCCPL has urged all market participants to review the new framework and ensure compliance to avoid any complications during the tax year 2026.
With the new Finance Act, 2025 now in effect, the NCCPL continues to play a central role in facilitating transparent and efficient tax collection in Pakistan’s capital markets.