Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced the collection dates for Capital Gain Tax (CGT) from various market participants for transactions made in July 2024. The aggregate CGT for trades made on the Pakistan Stock Exchange (PSX), the trading of future commodity contracts on the Pakistan Mercantile Exchange, and the redemption of units in open-end mutual funds will all be collected on September 23, 2024.
According to the NCCPL, the total CGT due from the disposal of shares at PSX from July 1, 2024, to July 31, 2024, will be collected through the respective settling banks of Clearing Members. All members are required to ensure the availability of the necessary funds in their accounts by the due date. The NCCPL has made all relevant details and reports for this period available in their CGT System to facilitate this process.
According to information available from the Pakistan Stock Exchange (PSX), the CGT from future commodity contracts traded on the Pakistan Mercantile Exchange during the same period will also be collected on the specified date in September. The required details and reports for these transactions have already been made available to relevant parties.
Furthermore, the CGT arising from the redemption of units in open-end mutual funds throughout July will also be finalized and collected on the same day. Clearing Members and the Pakistan Mercantile Exchange are urged to review the investor-wise details of capital gains or losses and the corresponding taxes, which are accessible through the CGT System.
The NCCPL has cautioned that in instances of non-compliance or partial collection of the CGT, necessary actions will be enforced as per the prevailing rules and regulations. This systematic approach ensures compliance and proper collection of taxes due, reinforcing the regulatory framework governing capital markets in Pakistan.