Clearing members directed to maintain sufficient funds as NCCPL finalises CGT liabilities and reinstates Super Tax obligations
KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) has announced July 3, 2026, as the date for the collection of Capital Gains Tax (CGT) arising from share transactions executed at the Pakistan Stock Exchange (PSX) during May 2026.
In a notification issued to Clearing Members (CMs), the Pakistan Mercantile Exchange Limited (PMEX), and Asset Management Companies (AMCs), NCCPL stated that the aggregate CGT liability on the disposal of shares traded at the PSX between May 1 and May 31, 2026, will be collected through the respective settling banks of clearing members on Friday, July 3, 2026.
The clearing company directed all market participants to ensure adequate funds are maintained in their settlement accounts to facilitate smooth and timely tax collection. It added that detailed tax calculations and relevant reports for the period have already been uploaded to the CGT System for review and verification.
NCCPL further informed stakeholders that the aggregate CGT liability arising from trading in future commodity contracts at PMEX for the period July 1, 2025, to November 30, 2025, has also been finalised based on transactional data received from the exchange. Detailed reports and tax computations have been made available through the CGT System to enable reconciliation by market participants.
The company noted that CGT calculations for the remaining months of the current tax year will be completed once the required trading data is received from PMEX.
In addition, NCCPL announced the finalisation of aggregate CGT liabilities on the redemption of units of open-end mutual funds for the period May 1 to May 31, 2026. Relevant reports and tax details have been provided to all Asset Management Companies through the CGT System.
The clearing company advised clearing members to carefully review investor-wise details of capital gains, capital losses, and tax liabilities available in the system. It emphasised that in cases where CGT remains uncollected or is only partially collected, members must promptly submit the names and Unique Identification Numbers (UINs) of defaulting investors following the tax collection date.
According to NCCPL, failure to report defaulting clients may result in regulatory action under the applicable laws, rules, and regulations governing Pakistan’s capital markets.
The notification also referred to NCCPL’s earlier circular issued on June 5, 2026, concerning Super Tax obligations. The company announced that Capital Gains Tax refunds previously withheld and adjusted against Super Tax liabilities up to May 31, 2026, will now be released to investors. However, the corresponding Super Tax obligations will be reinstated with effect from the same date.
NCCPL advised clearing members and asset managers to review investor-specific details and obtain the consent of relevant investors regarding the settlement of reinstated Super Tax liabilities.
Market participants said the latest measures are aimed at strengthening tax compliance, improving transparency in capital market transactions, and ensuring the accurate collection and reporting of tax obligations across brokerage houses, commodity traders, fund managers, and investors.
The notification underscores NCCPL’s role in facilitating efficient tax administration within Pakistan’s financial markets while ensuring adherence to regulatory requirements and investor reporting standards.
