Stock brokers seek tax adjustment against capital losses

KARACHI: Brokers at Pakistan Stock Exchange (PSX) have approached the Federal Board of Revenue (FBR) to allow tax adjustment against brought forward capital losses.

National Clearing Company of Pakistan (NCCPL) on Friday issued a notification regarding deferment of collection of capital gain tax from clearing members and Pakistan Mercantile Exchange.

The NCCPL said that this is in continuation to our Circular No. NCCPL/CM/OCTOBER-20/01 Dated October 02, 2020 on the subject.

“In this respect, the Market Participants are being informed that NCCPL has taken up the matter related to manner of adjustment of brought forward Capital Losses with the Federal Board of Revenue (FBR) and it is expected that FBR will shortly issue a clarification on the matter.”

Accordingly, NCCPL will inform timelines for collection of CGT to Market Participants once FBR advises NCCPL in this respect.

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