Karachi, February 22, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) has officially announced the collection of capital gain tax (CGT) on the disposal of shares for the month of January 2024.
The collection is scheduled for February 29, 2024, according to a recent statement by the NCCPL.
In the announcement, the NCCPL outlined that the aggregate amount of CGT arising from the disposal of shares at the Pakistan Stock Exchange during the period from January 01, 2024, to January 31, 2024, will be collected on Thursday, February 29, 2024. The collection will be facilitated 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. Detailed information and reports for the specified period have already been made accessible in the CGT System.
Additionally, the aggregate amount of CGT resulting from the trading of future commodity contracts at the Pakistan Mercantile Exchange for the same period will also be collected on February 29, 2024. The necessary details and reports for this category have already been made available to the concerned parties.
Furthermore, the NCCPL has disclosed that the aggregate amount of CGT arising from the redemption of units of open-end mutual funds has been finalized for the period spanning January 01, 2024, to January 31, 2024. Detailed reports and necessary information are already accessible in the CGT System.
Clearing Members and the Pakistan Mercantile Exchange have been urged by the NCCPL to thoroughly verify the investor-wise details of capital gains or losses and the corresponding tax amounts through reports and downloads. It is essential to note that in the case of non-payment or partial collection of CGT, the NCCPL will take necessary actions in accordance with the Rules and NCCPL Regulations.
The announcement by NCCPL comes as part of its regulatory responsibility to oversee and manage the clearing and settlement of capital market transactions in Pakistan. The collection of CGT is a crucial aspect of financial regulation aimed at ensuring transparency and compliance within the capital market.
Investors, Clearing Members, and participants in the financial markets are advised to stay abreast of these developments and ensure timely compliance with the CGT collection process. The adherence to regulatory guidelines is not only essential for the smooth functioning of the market but also helps maintain the integrity and credibility of Pakistan’s financial system.
