Karachi, December 20, 2023 – The National Clearing Company of Pakistan Limited (NCCPL) has officially announced the deadline for the collection of Capital Gain Tax (CGT) for the month of November 2023.
The CGT collection for transactions made on the Pakistan Stock Exchange (PSX), the Pakistan Mercantile Exchange Limited, and the redemption of units of open-end mutual funds will take place on December 29, 2023.
In a notification dispatched to the Pakistan Stock Exchange, the NCCPL communicated the crucial information to clearing members, the Pakistan Mercantile Exchange Limited, and mutual funds regarding the impending CGT payment.
The aggregate amount of CGT, resulting from the disposal of shares at the Pakistan Stock Exchange between November 01, 2023, and November 30, 2023, will be collected on Friday, December 29, 2023. This collection will be facilitated through the respective settling banks of the Clearing Members. The NCCPL has urged all Clearing Members to ensure the availability of the requisite amount in their respective settling bank accounts. Comprehensive details and reports for the specified period have already been made accessible in the CGT System.
Simultaneously, the aggregate amount of CGT stemming from the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period mentioned will also be collected on December 29, 2023. Necessary details and reports for this period have been made available in advance, streamlining the collection process.
Furthermore, the aggregate amount of CGT resulting from the redemption of units of open-end mutual funds has been finalized for the period spanning November 01, 2023, to November 30, 2023. All necessary details and reports have been seamlessly integrated into the CGT System, providing a comprehensive overview for the concerned stakeholders.
Clearing Members and the Pakistan Mercantile Exchange are earnestly requested to thoroughly verify investor-wise details of capital gains or losses and the corresponding tax amounts through available reports and downloads. It is crucial to note that in the event of non-collection or partial collection of CGT, necessary actions will be taken in strict accordance with the rules and regulations outlined by NCCPL.
The announcement underscores the importance of timely compliance with tax obligations within the financial sector, ensuring the smooth functioning of the market and adherence to regulatory standards. As the deadline approaches, market participants are encouraged to proactively address any outstanding matters related to CGT to avoid potential consequences outlined by NCCPL regulations.
