NCCPL: Amendments Made Through the Finance Act 2017

By MG News | July 13, 2017 at 11:51 AM GMT+05:00

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This is with reference to the amendments made in the Income Tax Ordinance, 2001 through Finance Act 2017. In this regard, the amendments pertaining to the Capital Gain Tax (“CGT”) Regime implemented through National Clearing Company of Pakistan Limited (“NCCPL”) are listed below and they shall be effective from July 01, 2017:

Revision of Holding Period and Tax Rates for Filer and Non-Filer

Tax rates to be paid under section 37A on disposal of securities listed on Pakistan Stock Exchange (“PSX”) shall be as follows:

Holding Period	Tax Year 2017	Tax Year 2018
Securities Acquired before July 1, 2016	Securities Acquired before July 1, 2016	Securities Acquired on or after July 1, 2016	Securities Acquired on or after July 1, 2016
Filer	Non-Filer	Filer	Non-Filer	Filer	Non-Filer
Tax Rate	Tax Rate	Tax Rate	Tax Rate	Tax Rate	Tax Rate
Where holding period of a security is twelve months or more but less twenty-four	15%	18%	15%	18%	15%	20%
Where holding period of a security is twelve months or more but less twenty-four months	12.5%	16%	12.5%	16%
Where holding period of a security is twenty four months or more but the security was acquired on or after 1^st July, 2013	7.5%	11%	7.5%	11%
Where the security was acquired before 1st July, 2013	0%	0%	0%	0%	0%	0%

Furthermore, tax rate of cash settled derivates traded on PSX for the tax years 2018 to 2020 shall be 5%.

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