Author Topic: CGT -- Capital Gains Tax  (Read 226657 times)

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Offline ali-ahmad

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Re: CGT -- Capital Gains Tax
« Reply #1059 on: August 02, 2017, 03:03:26 PM »
cgt return 60k  ::)

Pakinvestorsguide

Re: CGT -- Capital Gains Tax
« Reply #1059 on: August 02, 2017, 03:03:26 PM »

Offline leo_kool

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Re: CGT -- Capital Gains Tax
« Reply #1060 on: August 02, 2017, 03:10:00 PM »
I don't receive any detailed CGT sheet every month

Offline SBM

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Re: CGT -- Capital Gains Tax
« Reply #1061 on: August 02, 2017, 04:57:32 PM »
I don't receive any detailed CGT sheet every month

contact your broker
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Offline jamalakhter

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Re: CGT -- Capital Gains Tax
« Reply #1062 on: August 02, 2017, 10:42:15 PM »
No I do not receive a detailed sheet from my broker. I have account with Foundation Securities.
[/quot
i receive regularly from foundation securities

Offline furkan

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Re: CGT -- Capital Gains Tax
« Reply #1063 on: August 03, 2017, 09:04:04 AM »
No I do not receive a detailed sheet from my broker. I have account with Foundation Securities.
[/quot
i receive regularly from foundation securities

is it every month or every transaction. can you tell how cgt is calculated in that sheet? can you show and image how does it look like?

Offline furkan

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Re: CGT -- Capital Gains Tax
« Reply #1064 on: August 03, 2017, 11:11:48 AM »
Got it, how to calculate CGT exactly:

Example:
Symbol: DOL, Quantity: 500, Buy Rate (without commission and broker charges): 22.80, Sell Rate (without commission and broker charges): 25.71
Capital Gains = (25.71-22.80)*500-(25.71*500*0.5/100)-(22.80*500*0.5/100) = 1333.73
CGT(15%) = 1333.70*15/100 = 200.06
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Source: (also available at https://www.nccpl.com.pk/files/media/presentations/docs/cgt_final_presentation.ppt)

General Principles for the Determination and Computation of CGT

Fixed Cost of 0.50% on non-proprietary trades and 0.25% on proprietary trades on Disposal or Acquisition of Securities, as the case may be, in lieu of all Expenses  will be Deducted or Added while Determination and Computation of CGT.

However, such Fixed Cost shall only be allowed in respect of Market Based Transactions.

Financing Cost Incurred through NCCPL’s Leveraged Market Products shall be Taken into Account while Computing Capital Gains.

CGT shall be Collected on Monthly Basis for Transactions Settled in a Month, after Adjustment of Losses or Refund of amount collected of the Previous Month or Months of the Same Financial Year.

Offline leo_kool

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Online jin85

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Re: CGT -- Capital Gains Tax
« Reply #1066 on: August 24, 2017, 10:52:42 PM »
Has anyone received capital gaintax certificate for this year? My broker told me that it will take a month before we receive it.

Offline Valueestimator

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Re: CGT -- Capital Gains Tax
« Reply #1067 on: August 24, 2017, 11:16:05 PM »
Has anyone received capital gaintax certificate for this year? My broker told me that it will take a month before we receive it.
can be downloaded from nccpl website, but user name and password required .
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Online jin85

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Re: CGT -- Capital Gains Tax
« Reply #1068 on: August 24, 2017, 11:18:15 PM »
how do i get the user name and password?

Offline Valueestimator

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Re: CGT -- Capital Gains Tax
« Reply #1069 on: August 25, 2017, 07:39:09 AM »
how do i get the user name and password?

by registering with NCCPL. There is one form which need to be signed and submitted.
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Online jin85

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Re: CGT -- Capital Gains Tax
« Reply #1070 on: August 25, 2017, 08:12:38 AM »
Alright and thanks.

Offline Koolfire

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Re: CGT -- Capital Gains Tax
« Reply #1071 on: September 01, 2017, 02:10:29 PM »
Has anyone received capital gaintax certificate for this year? My broker told me that it will take a month before we receive it.
can be downloaded from nccpl website, but user name and password required .

Issuance of Annual Certificates of Capital Gains for the Period from July 01, 2016 to June 30, 2017      

 https://www.psx.com.pk/newsimage/102204-1.pdf
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Offline DEVDAS

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Re: CGT -- Capital Gains Tax
« Reply #1072 on: October 05, 2017, 11:40:50 AM »
WHEN IS CGT REFUND FOR THE PERIOD OF JULY & AUGUST EXPECTED?
I THINK GOVERNMENT IS SHORT OF FUNDS. ;)
Analyst is an expert who will know tomorrow why what he predicted yesterday didn't happen today!

Offline SBM

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Re: CGT -- Capital Gains Tax
« Reply #1073 on: October 05, 2017, 11:53:07 AM »
WHEN IS CGT REFUND FOR THE PERIOD OF JULY & AUGUST EXPECTED?
I THINK GOVERNMENT IS SHORT OF FUNDS. ;)

technically you cannot get a refund in the month of july because july is the first month of the tax year and your balance with the gov is 0 so the government will not pay you anything in case of a loss. The loss for the month will be carried forward to the next month and will be adjusted with any cap gains you make
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Offline Thelma

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Re: CGT -- Capital Gains Tax
« Reply #1074 on: October 05, 2017, 12:25:44 PM »
I did not get any CGT for the month of. July and August so far .My broker says he does not know why .and maybe I'll get it together. for July/ Aug/ Sep in October ..Can someone tell why its so.

Offline DEVDAS

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Re: CGT -- Capital Gains Tax
« Reply #1075 on: October 05, 2017, 01:15:13 PM »
WHEN IS CGT REFUND FOR THE PERIOD OF JULY & AUGUST EXPECTED?
I THINK GOVERNMENT IS SHORT OF FUNDS. ;)

technically you cannot get a refund in the month of july because july is the first month of the tax year and your balance with the gov is 0 so the government will not pay you anything in case of a loss. The loss for the month will be carried forward to the next month and will be adjusted with any cap gains you make
Agree, but normally both July & August are paid/collected  within September but this time it’s October & no news too.
Analyst is an expert who will know tomorrow why what he predicted yesterday didn't happen today!

Offline SBM

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Re: CGT -- Capital Gains Tax
« Reply #1076 on: October 05, 2017, 03:13:07 PM »
WHEN IS CGT REFUND FOR THE PERIOD OF JULY & AUGUST EXPECTED?
I THINK GOVERNMENT IS SHORT OF FUNDS. ;)

technically you cannot get a refund in the month of july because july is the first month of the tax year and your balance with the gov is 0 so the government will not pay you anything in case of a loss. The loss for the month will be carried forward to the next month and will be adjusted with any cap gains you make
Agree, but normally both July & August are paid/collected  within September but this time it’s October & no news too.

there is some problem at nccpls end i believe
i have recieved reports for both july and august
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Offline DEVDAS

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Re: CGT -- Capital Gains Tax
« Reply #1077 on: October 12, 2017, 11:40:18 AM »
Just needed a clarification.
During this year it seems (if market behaviour remained same) that most of us may bear losses and so we have to collect CGT (on sale of securities).
But if we hv earned nothing during the year, what will we do with that recoverable amount on losses made on behalf of CGT.
e.g. Till now i have Net recoverable of Rs. 100,000/- & i don't trade after today till JUNE 30, 2018. What will i do with this recoverable of Rs. 100,000/-
Analyst is an expert who will know tomorrow why what he predicted yesterday didn't happen today!

Offline leo_kool

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Re: CGT -- Capital Gains Tax
« Reply #1078 on: October 12, 2017, 11:46:01 AM »
Just needed a clarification.
During this year it seems (if market behaviour remained same) that most of us may bear losses and so we have to collect CGT (on sale of securities).
But if we hv earned nothing during the year, what will we do with that recoverable amount on losses made on behalf of CGT.
e.g. Till now i have Net recoverable of Rs. 100,000/- & i don't trade after today till JUNE 30, 2018. What will i do with this recoverable of Rs. 100,000/-
As my  understanding , this will be adjusted with CGT payable only. If not then you cannot receive it