Karachi: The National Clearing Company of Pakistan Limited (NCCPL) has announced that the collection of the Capital Gain Tax (CGT) from various financial entities will occur on October 30, 2024. This includes amounts due from Clearing Members, the Pakistan Mercantile Exchange, and Asset Management Companies.

The aggregate CGT for the disposal of shares at the Pakistan Stock Exchange from September 1, 2024, to September 30, 2024, will be collected through the settling banks of the Clearing Members. All members have been instructed to ensure the availability of the necessary funds in their respective bank accounts by the collection date. Details and reports for this period are available in the CGT System.

Additionally, the CGT due on trading of future commodity contracts at the Pakistan Mercantile Exchange for the same period will also be collected on the designated date. According to information available from the Pakistan Stock Exchange (PSX), reports necessary for this calculation have been provided.

Furthermore, CGT on the redemption of units from open-end mutual funds, covering the same timeframe, has been finalized. The NCCPL has made all pertinent details and reports accessible for these transactions in the CGT System.

Clearing Members and the Pakistan Mercantile Exchange are required to review the investor-wise details of capital gains or losses and the corresponding tax information. The NCCPL has warned that failure to collect or partial collection of CGT will result in actions as per the established Rules and Regulations.