PSX Investors Set to Pay Capital Gains Tax on December 29, 2023, Confirms NCCPL

In an announcement today, the National Clearing Company of Pakistan Limited (NCCPL) revealed that the aggregate Capital Gains Tax (CGT) arising from share disposals at the Pakistan Stock Exchange (PSX) between November 01, 2023, and November 30, 2023, will be collected on Friday, December 29, 2023.

According to the notice, "All Clearing Members are hereby requested to ensure the requisite amount in their respective settling bank’s account."

In addition to the CGT from share transactions, the NCCPL disclosed that the aggregate amount of CGT stemming from the trading of future commodity contracts at the Pakistan Mercantile Exchange during the same period will also be collected on December 29, 2023.

Furthermore, the finalized aggregate amount of CGT arising from the redemption of units of open-end mutual funds for the period November 01, 2023, to November 30, 2023, has been determined.

All necessary details and reports have been made available in the CGT System, and the notice concludes with a request for Clearing Members and the Pakistan Mercantile Exchange to verify the investor-wise details of capital gain or loss and associated taxes through provided reports and downloads.

This development in tax collection is crucial for investors and marks a regulatory step impacting financial activities at both the PSX and the Pakistan Mercantile Exchange.