ByKarachi, Pakistan: The National Clearing Company of Pakistan Limited (NCCPL) has announced the collection of aggregate Capital Gains Tax (CGT) for the period of November 1 to November 30, 2024, on Tuesday, December 31, 2024.
This collection will be made through the settling banks of the clearing members. The NCCPL has urged clearing members to ensure sufficient funds are available in their respective bank accounts to facilitate the tax collection.
CGT Calculation and Reporting:
The NCCPL has finalized the CGT amounts arising from trading of future commodity contracts on the Pakistan Mercantile Exchange (PMEX) and the redemption of open-end mutual fund units for the specified period.1
Clearing members and PMEX have been instructed to verify the investor-wise details of capital gains or losses and associated taxes through the CGT System.2 Relevant reports and downloads are available for review within the system.
Compliance and Consequences:
The NCCPL has emphasized that non-compliance with the CGT collection will result in appropriate action as per the Rules and NCCPL Regulations.
Key Points:
- This announcement highlights the NCCPL’s role in facilitating the collection of CGT on behalf of the government.
- It emphasizes the importance of timely compliance by clearing members and PMEX.
- The focus on investor-wise verification ensures accurate and transparent tax collection.
