NCCPL assures PSBA of timely tax computation, loss adjustment

By MG News | May 24, 2023 at 10:51 AM GMT+05:00

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May 24, 2023 (MLN): The National Clearing Company of Pakistan Limited (NCCPL) has assured the Pakistan Stock Brokers Association (PSBA) that it is taking all possible measures to compute capital gain tax and adjust stock losses with mutual funds profits in a timely manner.

The PSBA had expressed concern over the delay in the adjustment process in a letter to NCCPL.

However, a delay in the submission of transactional data from unit holders of CIS has been observed since their inclusion in the year 2017.

NCCPL explained that the delay was caused by the late submission of transactional data from unit holders of collective investment schemes.

NCCPL assured that it has revamped its system revamped project by implementing various checks and controls for AMCs to ensure the completeness and accuracy of transactional data.

Additionally, it will facilitate NCCPL to assess its authenticity before it is processed in the CGT system. Further, NCCPL also provided API connectivity to AMCs for swift transmission of data.

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