NCCPL announces deadline for CGT collection

September 18, 2018 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has instructed clearing members and Pakistan Mercantile to pay in capital gains tax (CGT) for July-August 2018, by Friday, September 28^th 2018.

In an official statement issued to the Pakistan Stock Exchange (PSX), NCCPL informed that the aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange, for the period July 01, 2018 to August 31, 2018, would be collected on Friday, September 28, 2018 through respective settling banks of the Clearing Members.

The clearing members have been directed to ensure that the required amount is deposited in their respective settling bank’s account.

The notice further added that the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange, for the period July 01, 2018 to August 31, 2018, would be collected from the Pakistan Mercantile Exchange on Friday, September 28, 2018.

Both, clearing members and the Pakistan Mercantile Exchange are also requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads.

In addition to this, NCCPL issued a warning that in case of none or partial collection of amount of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations.

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