KARACHI: Brokers at Pakistan Stock Exchange (PSX) have approached the Federal Board of Revenue (FBR) to allow tax adjustment against brought forward capital losses.
(more…)Tag: NCCPL
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NCCPL announces collection of capital gain tax on September 30
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday announced that it will collect/deduct capital gain tax (CGT) for the period of July – August on September 30, 2020.
In a letter to Pakistan Stock Exchange (PSX), the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange (PSX) for the period July 01, 2020 to August 31, 2020, would be collected on Wednesday September 30, 2020 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 period have already been made available in the CGT System, the NCCPL said.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period July 01, 2020 to August 31, 2020, would also be collected from the Pakistan Mercantile Exchange on Wednesday September 30, 2020.
The NCCPL advised 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, it warned.
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Capital gain tax to be collected on July 30: NCCPL
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Wednesday announced to collect capital gain tax for month of June 2020 on July 30, 2020.
The NCCPL in a statement said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period June 01, 2020 to June 30, 2020, would be collected on Thursday July 30, 2020 through respective settling banks of the clearing members, along with refund or adjustments on the basis of amount collected up to previous month.
All Clearing Members are advised 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, the NCCPL said.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange for the period June 01, 2020 to June 30, 2020, would also be collected from the Pakistan Mercantile Exchange on Thursday July 30, 2020. Necessary details and reports for the said period have already been made available.
Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period June 01, 2020 to June 30, 2020. Necessary details and reports have already been made available in the CGT System.
The NCCPL further said that consequent to amendments introduced in section 37 A pertaining to adjustment of carry forward of losses for three years, net capital gains as on June 30, 2020 has been adjusted with net capital loss as on June 30, 2019 and accordingly any CGT collected thereon if any, shall be refunded/adjusted.
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CGT on shares disposal to be collected on June 29
KARACHI: National Clearing Company Pakistan Limited (NCCPL) on Monday said that Gain Tax (CGT) for the month of May 2020 will be collected on June 29, 2020.
In a statement the NCCPL said that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period May 01, 2020 to May 31, 2020, would be collected on Monday June 29, 2020 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 May 01, 2020 to May 31, 2020, would also be collected from the Pakistan Mercantile Exchange on Monday June 29, 2020.
Necessary details and reports for the said period have already been made available.
Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period May 01, 2020 to May 31, 2020. Necessary details and reports have already been made available in the CGT System.
The NCCPL asked the clearing members and Pakistan Mercantile Exchange to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
It further said 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 announces CGT collection on May 29
The National Clearing Company of Pakistan Limited (NCCPL) has declared that Capital Gain Tax (CGT) for the month of April 2020 will be collected on May 29, 2020.
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NCCPL announces March CGT collection on April 29
KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of Capital Gain Tax (CGT) on the disposal of shares for the month of March 2020 will take place on April 29, 2020.
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NCCPL allows remote access on coronavirus threat
KARACHI: National Clearing Company of Pakistan (NCCPL) has allowed stock investors to access the company remotely in the wake of spread of coronavirus epidemic.
A notification issued on Monday said as part of this endeavor, NCCPL’s is providing an option to all its clients to connect remotely from any location in Pakistan to avail and access all the services provided by the Company.
In order to avail this option, clients are required to meet following basic pre requisites:
Two Mbps Internet connection from any vendor with Public static IP.
Share the above connectivity details with NCCPL customer services through official communication channel.
On fulfillment of these requirements, NCCPL technical support team will get in touch to setup necessary configuration at client’s end.
NCCPL has been continuously updating and aligning its processes, technology and human resource capabilities as per emerging national and international Business Continuity challenges.
The NCCPL said: “We are also making sincere efforts to ensure that all such scenarios are covered in our Business Continuity Drills. Because of recent outbreak of pandemic diseases CORONA, NCCPL has improved its business continuity planning with key focus on mitigating such risks.”
With reference to pandemic diseases such as the recent outbreak of COVID’19, NCCPL has designed a live BCP drill involving all its business applications.
This activity is planned on March 18-19, 2020 with special focus on NCCPL staff conducting daily operations from remote locations.
“We would also encourage all NCCPL clients to take part in this activity and connect NCCPL business applications from remote locations as well in order to test and ensure continuity of their operations from their remote setups.”
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NCCPL directs verification of stock investors through biometric
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) has issued guidelines to register / verify all investors of stock market through biometric system.
The NCCPL on Monday issued communication to Pakistan Stock Exchange (PSX) to direct all authorized intermediaries (AI) and clearing members to register existing customers in Centralized Know Your Customer (CKO).
The NCCPL said that in pursuance of provisions stipulated under clause 9.1 (x) of CKO Regulations 2017 and NCCPL Regulations clause 5.11, Authorized Intermediaries (AI) are required to register their existing Customers, in the KYC Database to obtain Unique KYC Number (UKN) and tagging of such UKNs with the relevant Authorized Intermediary within the time period notified by the CKO.
In view of above, all Authorized Intermediaries are hereby notified to register their existing Customers (i.e existing customers registered through NCSS UIN database before June 17, 2019) in the KYC Database and obtain UKN latest by May 31 2020.
Further, Clearing Members still not yet admitted as AI shall be required to get them registered as AI and also required to register their customers in CKO by May 31, 2020.
For the purpose of facilitating the Authorized Intermediaries, step wise key elements of the existing Customer registration process under CKO have been briefly explained below;
1. AI shall be required to carry out Biometric Verification of the Customer (Applicable on individual customer only).
2. AI is required to submit online KYC form of the existing customer via KYC Information System. Moreover, hard copy of KYC Form as prescribed under Annexure II, III and IV of the CKO Regulations, 2017 in signed form shall be required for all Types of Customers.
3. In case of joint account holder(s), the AI shall be required to carry out Biometric Verification and proceed with KYC Application Form for each account holder separately.
4. After submission of KYC Application Form electronically in KIS, AI will be required to submit hard copy of original KYC Application Form and Supporting Documents to CKO within 5 working days as per existing practice. The supporting documents may also be submitted through the upload functionality made available in the KIS.
5. CKO will initiate necessary processing and complete its verification within 10 working days from the date of receipt of KYC Application Form along with all the required supporting documents.
6. Upon such verification, CKO will approve KYC Application Form in KIS and Unique KYC Number (UKN) will automatically be generated for such Customer in KIS.
7. After issuance of UKN, CKO will obtain confirmation from corporate Customer, foreign individuals and foreign corporate Customers for the issuance of UKN within 15 working days in accordance with the Regulations.
8. In case of any discrepancy found in KYC form, AI will be required to remove it within 10 working days.
9. Customers registered with multiple AIs will be required to complete their KYC process with all AIs one by one. If their KYC process is not completed with the AI through whom the process was first initiated, such customers shall not be allowed to initiate their KYC process with the other AIs.
The NCCPL warned that failure to comply the above mentioned clause within stipulated time shall lead to necessary action in accordance with clause 9.1 (v) of CKO Regulations, 2017 and clause 5.11 of NCCPL Regulations whereby UIN tagging of the Customer with such Authorized Intermediary/Clearing Member shall be blocked and trading through such client code shall be restricted.
However, pending transactions of such customers will be settled through respective Securities Broker in NCSS. Moreover, squaring-up of open positions in all Markets including Leveraged Markets and selling of Securities held in the sub-account(s) will be allowed.
For complete details please refer clause 5.11 of NCCPL Regulations and clause 9.1 of CKO Regulations, 2017.
For any further queries or concerns, please feel free to contact the Customer Support Services of your respective locations.
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NCCPL says CGT December payment due on January 29
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Tuesday announced date for payment of capital gain tax (CGT) for the month of December 2019.
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NCCPL to collect CGT for Oct-Nov on Jan 03
KARACHI: National Clearing Company of Pakistan Limited (NCCPL) on Monday announced to collection capital gain tax (CGT) for the months of October – November 2019 on January 03, 2020.
In a communication sent to Pakistan Stock Exchange (PSX), the NCCPL said that the aggregate amount of CGT arising on disposal of shares at PSX for the period October 01, 2019 to November 30, 2019, would be collected on Friday January 3, 2020 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 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 October 01, 2019 to November 30, 2019, would also be collected from the Pakistan Mercantile Exchange on Friday January 3, 2020.
Necessary details and reports for the said period have already been made available.
Moreover, the aggregate amount of CGT arising on redemption of units of open end mutual funds have also been finalized for the period July 01, 2019 to November 30, 2019. Necessary details and reports have already been made available in the CGT System.
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.
The NCCPL warned that in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.