Karachi, June 14, 2023 – The National Clearing Company of Pakistan Limited (NCCPL) has announced its plan to collect capital gain tax (CGT) for the month of May 2023 on June 21.
The NCCPL has directed clearing members to ensure that the required amount is available in their respective settling bank accounts, as the CGT will be collected through these banks.
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The CGT collection pertains to the period from May 01, 2023, to May 31, 2023, and includes the capital gain tax arising from the disposal of shares at the Pakistan Stock Exchange. In addition, the NCCPL will also collect the aggregate amount of CGT generated from trading future commodity contracts at the Pakistan Mercantile Exchange during the same period. Necessary details and reports for both the stock exchange and commodity exchange CGT collections have already been made available in the CGT System.
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Furthermore, the NCCPL has finalized the aggregate amount of CGT arising from the redemption of units of open-end mutual funds for the period of March 01, 2023, to March 31, 2023.
To ensure accuracy, the NCCPL has requested clearing members and the Pakistan Mercantile Exchange (PMEX) to verify investor-wise details of capital gains or losses and the corresponding tax liabilities through the provided reports and downloads.
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The NCCPL has also issued a warning, stating that if there is no or partial collection of CGT, necessary action will be taken in accordance with the Rules and NCCPL Regulations.
The collection of capital gain tax plays a vital role in Pakistan’s financial ecosystem, contributing to the country’s revenue and ensuring compliance with tax regulations.
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