NCCPL computes capital gain tax to facilitate clearing members

MG News | December 01, 2020 at 04:23 PM GMT+05:00

0:00

December 01, 2020 (MLN): In order to facilitate Clearing Members (CMs), National Clearing Company Pakistan Limited (NCCPL) has computed the aggregate amount of Capital Gain Tax (CGT) arising on the disposal of shares at Pakistan Stock Exchange for the period July 01, 2020 to October 31, 2020 and trading of future commodity contracts at Pakistan Mercantile Exchange for the period July 01, 2020 to September 30, 2020 (without adjusting brought forward losses of previous years).

According to the notification issued to PSX, the necessary details and reports for the said period have already been made available in the CGT System.

It has been informed that the above-mentioned CGT details for the above-mentioned period are being provided to the CMs / PMEX Brokers to enable them to get CGT obligation as of October 2020.

However, clarification from the Federal Board of Revenue (FBR) with respect to the manner of adjustment of brought forward Capital Losses of previous years is still awaited. Therefore, the date for the collection will be notified in due course.

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