Karachi, September 30, 2024 – The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) for the month of August 2024 will take place on October 8, 2024.
This directive, issued to Clearing Members, the Pakistan Mercantile Exchange (PMEX), and Asset Management Companies (AMCs), underscores the importance of compliance with tax obligations within the designated timeframe.
In an official notification, the NCCPL communicated that the aggregate amount of CGT, arising from the disposal of shares traded on the Pakistan Stock Exchange (PSX) between August 1 and August 31, 2024, will be collected on Tuesday, October 8, 2024. This tax will be collected through the respective settling banks of the Clearing Members. All Clearing Members have been urged to ensure that the requisite amount is available in their settling bank accounts. Detailed reports and data for the concerned period have already been made accessible through the CGT System.
Furthermore, the NCCPL also confirmed that CGT arising from the trading of future commodity contracts at the Pakistan Mercantile Exchange during the same period will be collected on October 8, 2024. Necessary details and reports for these transactions have likewise been made available for review.
In addition, the CGT pertaining to the redemption of units from open-end mutual funds for the period between August 1 and August 31, 2024, has also been finalized. Reports for this segment are similarly accessible through the CGT System.
Clearing Members and the Pakistan Mercantile Exchange have been advised to verify investor-wise details of capital gains or losses, and the corresponding tax liabilities through the available reports and downloads. The NCCPL emphasized that non-compliance, including partial or non-collection of the CGT, will prompt appropriate actions as per the NCCPL’s Rules and Regulations.
This notification serves as a reminder to financial market participants to adhere to the tax collection process in a timely manner, ensuring smooth operations within Pakistan’s financial infrastructure. With the enforcement of CGT regulations, authorities aim to promote transparency and fiscal discipline within the capital markets, crucial for the overall economic stability of the country.
