KARACHI: National Clearing Company of Pakistan Limited (NCCPL) is collecting capital gain tax (CGT) on the transactions made during the month of June 2017 on July 31 (today).
In a notification issued by the NCCPL to Pakistan Stock Exchange (PSX) stated that final CGT reports, after adjustment of capital losses arising on redemption of units of open end mutual funds and future commodity contracts being traded at Pakistan Mercantile Exchange (PMEX) have been made available.
NCCPL collects CGT from stock members on behalf of Federal Board of Revenue (FBR).
As notified earlier, the NCCPL said that aggregate amount of CGT, for the period June 01, 2017 to June 30, 2017, will be collected on Monday, July 31, 2017.
The collection would be done through respective settling banks of the Clearing Members along with refund or adjustments on the basis of amount collected up to May 31, 2017 and after adjustment of any capital losses arising on redemption of units of open end mutual funds and future commodity contracts being traded at PMEX.
The NCCPL asked the clearing members to ensure requisite amount in their respective settling bank’s account. In case of none or partial collection of amount of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.
Clearing Members are also advised to verify their client/proprietary account wise details of capital gain or loss and tax thereon, if any, through reports/downloads.
