Karachi, January 24, 2025 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that January 31, 2025, is the deadline for the collection of Capital Gains Tax (CGT) on the disposal of shares for December 2024.
This deadline is significant for all stakeholders engaged in the Pakistan Stock Exchange and the broader financial markets.
According to NCCPL, the total CGT on the disposal of shares during the period from December 1, 2024, to December 31, 2024, will be collected on Friday, January 31, 2025. The collection will be facilitated through the respective settling banks of Clearing Members. NCCPL has emphasized the importance of ensuring the availability of the requisite amounts in the respective accounts of Clearing Members to avoid any disruption.
To assist stakeholders, NCCPL has already provided the necessary details and reports for the relevant period in the CGT System. Clearing Members have been urged to access these reports to verify investor-wise details of capital gains or losses and the corresponding tax amounts. This step ensures transparency and allows members to address any discrepancies before the deadline.
In addition to shares, NCCPL has finalized the aggregate CGT on the redemption of units of open-end mutual funds for the same period. Reports and details for mutual fund transactions have also been made available in the CGT System, enabling stakeholders to review the calculations thoroughly.
NCCPL has issued a clear reminder to all Clearing Members regarding compliance. Any failure to ensure full payment of CGT by the specified deadline will result in actions as per NCCPL Rules and Regulations. This underscores the critical role of Clearing Members in ensuring timely and accurate tax compliance.
By setting this deadline and providing comprehensive reports, NCCPL continues to fulfill its mandate of facilitating efficient tax collection in Pakistan’s financial markets. Its CGT System streamlines the process, enabling stakeholders to meet regulatory requirements with ease and transparency.
As January 31 approaches, NCCPL remains committed to supporting Clearing Members and maintaining the integrity of tax collection processes, reinforcing its pivotal role in Pakistan’s financial ecosystem.