NCCPL revises CGT, Super Tax computation mechanism

June 05, 2026 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has revised the mechanism for the computation and collection of Capital Gain Tax (CGT) and Super Tax (ST) for the tax year 2026.

The adjustment comes in direct pursuance of an order passed by the Federal Constitutional Court of Pakistan on January 27, 2026.

In an official circular issued on Friday, Imran Ahmed Khan, Deputy Chief Executive Officer of NCCPL, outlined the operational shifts that will impact all clearing members, asset management companies, the Pakistan Mercantile Exchange Limited, and individual taxpayers.

The newly implemented guidelines introduce two major structural changes to how capital market taxes are processed:

No Super Tax on Exempt Capital Gains: In accordance with the Federal Constitutional Court's ruling, NCCPL will no longer compute or collect Super Tax on Net Capital Gains if no CGT is payable due to the investor's holding period. However, Super Tax will remain applicable and will continue to be collected on capital gains that are subject to CGT.

Separation of Tax Obligations: NCCPL will no longer adjust excess CGT against a taxpayer’s Super Tax obligations for the current tax year. Moving forward, CGT and ST obligations are to be treated and collected as entirely separate pools.

Any excess CGT collected from an investor will now be refunded automatically, irrespective of any outstanding Super Tax obligations they may hold.

These adjustments are not merely forward-looking; they will be applied retroactively to cover the entire tax year 2026.

NCCPL confirmed that these changes will be fully integrated and accounted for during the finalization of the year-end taxation computations for the current fiscal cycle.

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