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Home Budget

NCCPL to Collect Capital Gain and Super Tax on August 7

admin-augaf by admin-augaf
August 1, 2023
in Budget, Business, Finance, News
Reading Time: 2 mins read
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Islamabad August 1 2023: The aggregate amount of CGT arising on disposal of shares at Pakistan Stock Exchange for the period June 01, 2023 to June 30, 2023, and amount of super tax would be collected on Monday, August 7, 2023 through respective settling banks of CMs.

All CMs are hereby requested to ensure requisite amount in their respective settling bank’s account. Necessary details and reports for the said period have already been made available in the CGT System.

Further, the aggregate amount of CGT arising on trading of future commodity contracts at PMEX for the period June 01, 2023 to June 30, 2023, would also be collected from the PMEX on Monday, August 7, 2023. Necessary details and reports for the said period have already been made available.

Moreover, the aggregate amount of CGT arising on redemption of units of open ended Collective Investment Schemes have also been finalized for the period April 01, 2023 to June 30, 2023. Necessary details and reports have already been made available in the CGT System.

It may please be noted that Super Tax under Section 4C of the Income Tax Ordinance, 2001 (“Ordinance”) will also be collected from all investors in the CGT regime implemented under Section 37A of the Ordinance at the rates specified if net capital gain exceeds Rs.150 million in the current tax year. The amount of Super Tax will be separately disclosed in the Annual Certificate to be issued to tax payers.

All CMs and PMEX are hereby requested to verify the investor wise details of capital gain or loss and tax thereon, if any, through reports/downloads. Please note that, in case of none or partial collection of CGT, necessary action would be taken in accordance with the Rules and NCCPL Regulations

Tags: Capital Gain TaxNCCPLSuper Tax
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