PSBA given assurance for timely CGT Calculations

May 24, 2023

The Pakistan Stock Brokers Association (PSBA) has received assurance from the National Clearing Company of Pakistan Limited (NCCPL) that it is taking all necessary steps to promptly compute capital gain tax and adjust stock losses with mutual funds profits.

In response to a letter from the PSBA expressing concerns about the delay in the adjustment process, the NCCPL acknowledged the issue. It noted that a delay has been observed in the submission of transactional data from unit holders of collective investment schemes (CIS) since their inclusion in 2017.

The NCCPL clarified that the delay in processing was primarily due to the late submission of transactional data from unit holders of CIS. However, it assured the PSBA that it has undertaken a revamp project for its system. As part of this project, various checks and controls have been implemented for asset management companies (AMCs) to ensure the completeness and accuracy of transactional data.

Overall, the NCCPL aims to address the concerns raised by the PSBA by enhancing its system and streamlining the process for computing capital gain tax and adjusting stock losses with mutual funds profits in a timely manner.