KARACHI: The National Clearing Company of Pakistan Limited (NCCPL) on Thursday announced it will collect capital gains tax (CGT) on the disposal of shares for September 2021 on Friday, November 19, 2021.

“The aggregate amount of CGT arising on disposal of shares at [the] Pakistan Stock Exchange for the period September 1, 2021 to September 30, 2021, would be collected on Friday November 19, 2021 through respective settling banks of the clearing members,” the NCCPL said in a notification sent to the PSX.

The NCCPL advised all the clearing members to ensure the requisite amount in their respective settling bank’s account. Necessary details and reports for the period have already been made available in the CGT system, it added.

Further, the aggregate amount of CGT on trading of future commodity contracts at the Pakistan Mercantile Exchange for the period September 1, 2021 to September 30, 2021, will also be collected from the Pakistan Mercantile Exchange on Friday November 19, 2021.

The NCCPL has asked the clearing members and Pakistan Mercantile Exchange to verify the investor-wise details of capital gain or loss and tax thereon; if any, through reports and downloads.

“In case of none or partial collection of CGT, necessary action would be taken in accordance with the rules and regulations,” it warned.

The NCCPL has been mandated under the Income Tax Ordinance, 2001 to collect capital gains tax on behalf of the Federal Board of Revenue.