NCCPL Sets July 3 for May CGT Collection

The National Clearing Company of Pakistan Limited (NCCPL) has announced that it will collect Capital Gains Tax (CGT) arising on the disposal of shares traded at the Pakistan Stock Exchange (PSX) for the period from May 1 to May 31, 2026, on Friday, July 3, 2026.

In a notice issued to clearing members, Pakistan Mercantile Exchange Limited (PMEX), and asset management companies, NCCPL stated that the relevant tax amounts will be collected through the designated settling banks of the respective clearing members.

All clearing members have been directed to ensure that sufficient funds are available in their settling bank accounts on the scheduled collection date to facilitate timely deduction and remittance of the applicable tax.

NCCPL further informed market participants that all necessary transaction details, reports, and tax-related information for the May 2026 period have already been uploaded to the CGT System and are available for access, review, and reconciliation.

The notice also addressed Capital Gains Tax arising from trading in future commodity contracts executed on PMEX. NCCPL stated that the aggregate CGT for the period from July 1, 2025, to November 30, 2025, has been finalized on the basis of transactional data received from PMEX.

According to the company, the relevant details, calculations, and supporting reports for that period have likewise been made available in the CGT System to enable members to verify the data and complete any required reconciliation.

NCCPL clarified that the computation and final determination of CGT for the remaining period of the current tax year in relation to PMEX future commodity contracts will be carried out once the required transaction data is received from PMEX.

Separately, the company has also finalized the aggregate CGT arising on the redemption of units of open-end mutual funds for the period from May 1 to May 31, 2026.

In this regard, NCCPL stated that all relevant reports and tax details have been uploaded to the CGT System for access by the concerned asset management companies.

Clearing members have been specifically instructed to verify investor-wise details relating to capital gains, capital losses, and the applicable tax liabilities through the reports and downloadable data available in the CGT System.

The notice further provides that where CGT is not collected, or is only partially collected from any investor, the concerned clearing member must immediately furnish NCCPL with the names and Unique Identification Numbers (UINs) of the defaulting customers after the CGT collection date.

NCCPL has warned that failure to report such defaulting customers may result in action under the company’s applicable rules, regulations, and compliance framework.

In a separate development, NCCPL has stated that Capital Gains Tax refunds that were previously withheld and adjusted against Super Tax liabilities up to May 31, 2026, will now be released. At the same time, the corresponding Super Tax obligations will be reinstated with effect from May 31, 2026.

Members have accordingly been advised to verify investor-wise details in this regard and obtain the consent of the relevant investors for the settlement of any Super Tax obligations that may arise following the reinstatement.