The National Clearing Company of Pakistan Limited (NCCPL) announced on Tuesday that it will collect the aggregate amount of Capital Gains Tax (CGT) on disposal of securities for the month of October 2022 on December 07, 2022.
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Stock members asked to pay capital gain tax by June 30
KARACHI: Clearing members of Pakistan Stock Exchange (PSX) have been asked to pay Capital Gain Tax (CGT) on disposal of securities by June 30, 2022.
National Clearing Company of Pakistan Limited (NCCP) in a notification on Thursday stated that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period May 01, 2022 to May 31, 2022, would be collected on Thursday, June 30, 2022 through respective settling banks of the Clearing Members.
All clearing members have been asked to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.
READ MORE: NCCPL to collect CGT for August 2021 on October 29
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period May 01, 2022 to May 31, 2022, would also be collected from the Pakistan Mercantile Exchange on Thursday, June 30, 2022.
Necessary details and reports for the said period have already been made available.
READ MORE: CGT rates on disposal of securities during Tax Year 2022
Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period April 01, 2022 to April 30, 2022. Necessary details and reports have already been made available in the CGT System.
Clearing Members and Pakistan Mercantile Exchange have been advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
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CGT on disposal of securities to be collected on Feb 10
KARACHI: The collection of capital gain tax (CGT) on disposal of securities for the month of December 2021 will be made on February 10, 2022, a statement said on Tuesday.
The National Clearing Company of Pakistan Limited (NCCPL) in a communication sent to Pakistan Stock Exchange (PSX) and the Pakistan Mercantile Exchange Limited (PMEX), said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period December 01, 2021 to December 31, 2021, would be collected on Thursday February 10, 2022 through respective settling banks of the clearing members.
READ MORE: NCCPL informs about amended CGT rates to investors
All clearing members have been advised to ensure requisite amount in their respective settling bank’s account.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period December 01, 2021 to December 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Thursday February 10, 2022.
Clearing Members and Pakistan Mercantile Exchange have been asked to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
“In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations,” it added.
READ MORE: CGT rates on disposal of securities during Tax Year 2022
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CGT on disposal of securities to be collected on Dec 30
The National Clearing Company of Pakistan Limited (NCCPL) has announced that it will collect Capital Gain Tax (CGT) on the disposal of securities for the month of October 2021 on December 30, 2021.
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CGT on shares disposal to be collected on Nov 19
KARACHI: The capital gain tax (CGT) on disposal of shares for the month of September 2021 will be collected on November 19, 2021, according to a notification issued on Thursday.
The National Clearing Company of Pakistan Limited (NCCPL) communicated the stock brokers that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period September 01, 2021 to September 30, 2021, would be collected on Friday November 19, 2021 through respective settling banks of the Clearing Members.
All Clearing Members are hereby requested to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period September 01, 2021 to September 30, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday November 19, 2021.
Necessary details and reports for the period have already been made available, the NCCPL said.
Clearing Members and Pakistan Mercantile Exchange are hereby requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, according to the notification.
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NCCPL to collect CGT for August 2021 on October 29
KARACHI: National Clearing Company of Pakistan Limited (NCCP) on Wednesday said that it will collect Capital Gain Tax (CGT) for the month of August 2021 on Friday October 29, 2021.
In a communication sent to stock brokers and investors, the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period August 01, 2021 to August 31, 2021, would be collected on Friday October 29, 2021 through respective settling banks of the Clearing Members.
The NCCPL advised all clearing members to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange (PMEX) for the period August 01, 2021 to August 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday October 29, 2021. Necessary details and reports for the said period have already been made available.
Clearing Members and Pakistan Mercantile Exchange are advised to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
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NCCPL to collect capital gain tax on September 24
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Thursday informed all clearing agents that it will collect capital gain tax (CGT) on the disposal of securities for the month of July 2021.
The NCCPL will collect the CGT for the period July 01 – July 31, 2021, on Friday, September 24, 2021, through the respective settling banks of the clearing members.
All clearing members have been asked to ensure the requisite amount in their respective settling bank’s account.
Necessary details and reports for the period have already been made available in the CGT System.
Further, the aggregate amount of CGT arising on the trading of future commodity contracts at the Pakistan Mercantile Exchange for the period July 01, 2021, to July 31, 2021, would also be collected from the Pakistan Mercantile Exchange on Friday, September 24, 2021.
Necessary details and reports for the period have already been made available.
Clearing Members and Pakistan Mercantile Exchange have been advised to verify the investor-wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
In case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations, it said.
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NCCPL informs about amended CGT rates to investors
KARACHI: National Clearing Company of Pakistan (NCCPL) on Thursday shared updated capital gain tax (CGT) rates that are applicable from July 01, 2021.
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Meezan Bank, NCCPL sign MoU to develop Shariah compliant products for capital market
KARACHI: Meezan Bank and National Clearing Company of Pakistan Limited (NCCPL) have agreed to develop new Shariah-compliant products for the country’s capital market.
Through this collaboration, Meezan Bank will extend its support in introducing Murabaha Share Financing System (‘MSF’), a new Shariah-compliant product, implemented by NCCPL, will help in extending Shariah-compliant stock financing facilities to stock brokers and their customers.
The Memorandum of Understanding (MoU) was signed by Ariful Islam, Deputy CEO – Meezan Bank and Muhammad Lukman, CEO – NCCPL at a ceremony held at Meezan Bank Head Office, Karachi. Also present at the occasion were Mohammad Asif, GM – Head of Operations and Sajid Sikander – Manager Product Development from NCCPL; and Muhammad Raza – Group Head Customer Support, Ayub Baig – Manager Capital Markets and Hasan Faraz – Manager Product Development from Meezan Bank.
Under this agreement, both organizations will work to enhance the proportion of Islamic products in Pakistan’s capital markets and develop new Shariah-compliant financial instruments. Meezan Bank is also the first bank in the country to be inducted in MSF System, a Shariah-compliant product of NCCPL, as a Non Broker Clearing Member for the purpose of extending Shariah-compliant financing to the Stock Brokers and their customers in Pakistan.
Commenting on this occasion, Ariful Islam – Deputy CEO of Meezan Bank, said: “Islamic capital markets form an integral part of the country’s Islamic financial system and offer great potential for product innovation to suit the needs of the customers. Through this collaboration, Meezan Bank aims to overcome the challenges associated with new product development for this sector, while also encouraging growth in both the markets as well as economic investment.”
“This collaboration will pave way for introducing new and innovative Shariah-compliant products in capital markets,” said Mr. Muhammad Lukman, CEO – NCCPL on the occasion.
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NCCPL excludes Hascol Petroleum from list of eligible securities
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Monday excluded M/s. Hascol Petroleum from the list of eligible securities after the stock exchange placed the oil company into defaulter segment.
The NCCPL said that this is with reference to Pakistan Stock Exchange Notice No. PSX/N-781 dated: June 25, 2021, regarding placement of M/s. Hascol Petroleum Limited (“HASCOL”) in the Defaulter’s segment with effective from Monday, June 28, 2021.
This event leads to action under Clauses 7A.3.5 and 7B.3.1.4 of NCCPL Regulations, 2015 that has been reproduced below for ready reference;
“Where a Security that has been quoted on the defaulter’s segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment. However, all open SLB Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.”
“In case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period.” (Regulations 7A.3.5)
“Where a Security that have been quoted on the Defaulter segment of the Exchange and notified to the Company, such Security shall not be made available on MF Market from the date it has been placed on the defaulter segment. However, all MF (R) Transactions shall be released as per the terms and conditions defined in the Margin Financing Agreement between MF Participants.”
“In case where such Security is reinstated during the review period, trading in MF Market shall not be allowed during that review period.” (Regulations 7B.3.1.4)
Where a MT Eligible Security that have been quoted on the defaulter segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the MT Market from the date it has been placed on the Defaulter segment. However, all open MT Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be.
In case where such Security is reinstated during the review period, trading in MT Market shall not be allowed during that review period. (Regulations 7C.3.2 (15)
Accordingly, in pursuance of provisions stipulated in the above referred clauses of NCCPL Regulations, 2015, M/s. Hascol Petroleum Limited shall be excluded from the list of SLB Eligible Securities, MF Eligible Securities and MTS eligible Securities with effect from Monday, June 28, 2021.