Author Topic: CGT -- Capital Gains Tax  (Read 232147 times)

0 Members and 1 Guest are viewing this topic.

Offline Alpha

  • Senior Member
  • *****
  • Posts: 1000
  • Thanks Received: 1
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1099 on: September 03, 2018, 11:53:44 PM »
Khan sahab ke govt Mai CGT maaf hai??
For month of July 2018 ke CGT ka hisaab kitaab abhi takk KSE website par abhi takk nahin publish hua.. why??

Jul,aug cgt collected in sept,its old tradition of nccpl

Pakinvestorsguide

Re: CGT -- Capital Gains Tax
« Reply #1099 on: September 03, 2018, 11:53:44 PM »

Offline ZafarAAA

  • New Member
  • *
  • Posts: 86
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1100 on: September 05, 2018, 10:15:59 AM »
Thanks to broker for sending me Capital Gain Tax Certificate timely.

Offline mhmd

  • Junior Member
  • **
  • Posts: 297
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1101 on: November 04, 2018, 01:14:08 AM »

I am non resident of pakistan and paying CGT 20%. i booked one gain last month and CGT deducted from my account(not sure why it is calculating monthly instead of yearly), suppose if i have loss in end of the year, so i will get refund the amount that i paid for CGT in positive months?

Also please if somebody has CGT formula or excel sheet to computer easily.

Offline MAR

  • Junior Member
  • **
  • Posts: 102
  • Thanks Received: 1
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1102 on: November 04, 2018, 07:06:50 PM »

I am non resident of pakistan and paying CGT 20%. i booked one gain last month and CGT deducted from my account(not sure why it is calculating monthly instead of yearly), suppose if i have loss in end of the year, so i will get refund the amount that i paid for CGT in positive months?

Also please if somebody has CGT formula or excel sheet to computer easily.

Exactly the same happened with me. As far as I remember in the previous year they never refund anything. so better not hope for loss.

Offline MAR

  • Junior Member
  • **
  • Posts: 102
  • Thanks Received: 1
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1103 on: November 04, 2018, 07:09:48 PM »
https://tribune.com.pk/story/1015336/trading-stocks-rate-of-capital-gains-tax-in-pakistan-too-high/


Currently, the CGT rate is 15% for a share whose holding period is less than one year. This means if somebody makes a Rs10 profit in buying and selling a share within 12 months, they will be subjected to an automatic deduction of Rs1.50 under the CGT regime.

The CGT rate is 12.5% for the sale of securities with a holding period of 12-24 months. It is 7.5% for selling securities whose holding period is 24- 48 months. There is no CGT on selling securities after holding them for more than 48 months.

Two years ago, the government had reduced the CGT rate on short-term trading from 17% to 12.5% while increasing the holding period slab from six months to one year. The government had also increased the rate of CGT on shares with a holding period of more than one year but less than two years from 9.5% to 10%.

aharoon

  • Guest
Re: CGT -- Capital Gains Tax
« Reply #1104 on: November 04, 2018, 07:13:17 PM »

I am non resident of pakistan and paying CGT 20%. i booked one gain last month and CGT deducted from my account(not sure why it is calculating monthly instead of yearly), suppose if i have loss in end of the year, so i will get refund the amount that i paid for CGT in positive months?

Also please if somebody has CGT formula or excel sheet to computer easily.

Exactly the same happened with me. As far as I remember in the previous year they never refund anything. so better not hope for loss.
1st July 2018 ko apka capital 100000 tha Jo 30 June 2018 ko 150000 hogaya tou 50000 gain par Apke Jo paisa less hongay woo ussi Saal Kay liay Thai woo paisa apko 1st July 2019 se 30 June 2020 Kay darmiyan honay walay loss mai adjust Nahin hongay ..

Offline MAR

  • Junior Member
  • **
  • Posts: 102
  • Thanks Received: 1
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1105 on: November 04, 2018, 07:15:54 PM »
https://www.nccpl.com.pk/en/products-services/products-services-1/capital-gain-tax-cgt

COMPUTATION, DETERMINATION AND COLLECTION OF CAPITAL GAIN TAX ("CGT")

First time in the history of Taxation System of Pakistan, National clearing company of Pakistan Limited (“NCCPL”) being an independent organization, has been assigned the responsibility to Compute, Determine, Collect and Deposit CGT to national ex-chequer on behalf of the capital market investors. Centralized CGT System provides ease of calculation and centralized one-window solution for the determination of CGT.

Salient Features

All trades/transactions executed on the trading platforms and movement of securities through free-delivery in Central Depositary System (“CDS”) is covered under CGT Regime.
All capital gains arising on redemption of units of open ended mutual funds and on trading of future commodity contacts at Pakistan Mercantile Exchange (“PMEX”) are included in CGT Regime of NCCPL, from July 1, 2016.
First In First Out (FIFO) Inventory Accounting Method is being used to determine CGT.
CGT is determined as per below mentioned tax rates:
 A.    CGT rates on capital gains arising on Disposal of Securities listed at Pakistan Stock Exchange (“PSX”) and on trading of future commodity contracts at PMEX shall be as under:

 

S. No.

Holding Period

Tax Year 2017

Tax Year 2018

Securities Acquired before July 1, 2016

Securities Acquired before July 1, 2016

Securities Acquired on or after July 1, 2016

Securities Acquired on or after July 1, 2016

Filer

Non-Filer

Filer

Non-Filer

Filer

Non-Filer

Tax Rate

Tax Rate

Tax Rate

Tax Rate

Tax Rate

Tax Rate

 (1)

 (2)

 (3)

 (4)

 (5)

 (6)

 (7)

 (8)

1.

Where holding period of a security is less than twelve months

15%

18%

15%

18%

15%

20%

2.

Where holding period of a security is twelve months or  more but less twenty-four months

12.50%

16%

12.50%

16%

3.

Where holding period of a security is twenty-four months or  more but the security was acquired on or after 1st July, 2013

7.50%

11%

7.50%

11%

4.

Where the security was acquired before 1st July, 2013

0%

0%

0%

0%

0%

0%

5.

Future commodity contracts entered into by the members of PMEX

5%

5%

 

Furthermore, tax rate of cash settled derivates traded on PSX for the tax years 2018 to 2020 shall be 5%.

Provided that the rate for companies shall be as specified in Division II of Part I of First Schedule, in respective of debt securities;

B. CGT Rate on capital gains arising on Redemption of units of open ended mutual funds shall be as under

 Category

Rate

Individual and association of persons

10% for stock funds

10% for other funds

Company

10% for stock funds

25% for other funds

Provided further that in case of a stock fund if dividend receipts of the fund are less than capital gains, the rate of tax deduction shall be 12.5%.

Provided further that no capital gains tax shall be deducted, if the holding period of the security is more than four years.

Capital Loss in a Financial Year is set off against Capital Gain of that Financial Year.

Annual Certificate Showing computation of Capital Gains and Tax thereon, if any, to each Investor at the end of the Financial Year is issued by NCCPL.


Offline mhmd

  • Junior Member
  • **
  • Posts: 297
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1106 on: November 05, 2018, 10:06:02 PM »

I am non resident of pakistan and paying CGT 20%. i booked one gain last month and CGT deducted from my account(not sure why it is calculating monthly instead of yearly), suppose if i have loss in end of the year, so i will get refund the amount that i paid for CGT in positive months?

Also please if somebody has CGT formula or excel sheet to computer easily.



Exactly the same happened with me. As far as I remember in the previous year they never refund anything. so better not hope for loss.
1st July 2018 ko apka capital 100000 tha Jo 30 June 2018 ko 150000 hogaya tou 50000 gain par Apke Jo paisa less hongay woo ussi Saal Kay liay Thai woo paisa apko 1st July 2019 se 30 June 2020 Kay darmiyan honay walay loss mai adjust Nahin hongay ..

Thanks....i am non filer thats why 20% paying. i just created one account on fbr....not sure what form i have to fill to show shares ....this is the only thing that i have in pak....

Offline onlybulls

  • Senior Member
  • *****
  • Posts: 1221
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1107 on: November 05, 2018, 11:21:46 PM »
Kia nccpl walay refund skip krtay han kbhi kbar for non filer. Mujko lgta ha ke capital gain tax to bilkul timely ye loog hamari pocket se letay han but refund ko ye kbhi kbhi kha jatay han jo humko loss on shares sell pe hota ha.
Kia agr humne koi share 2 saal pehle lia ho and sell pe loss book kia ho kia ye uspe refund daingay ya phir hzm kr jayengay ?
Agr daingay refund to loss pe kitne percent daingay ?
« Last Edit: November 05, 2018, 11:27:57 PM by onlybulls »

aharoon

  • Guest
Re: CGT -- Capital Gains Tax
« Reply #1108 on: November 06, 2018, 12:14:51 AM »
Kia nccpl walay refund skip krtay han kbhi kbar for non filer. Mujko lgta ha ke capital gain tax to bilkul timely ye loog hamari pocket se letay han but refund ko ye kbhi kbhi kha jatay han jo humko loss on shares sell pe hota ha.
Kia agr humne koi share 2 saal pehle lia ho and sell pe loss book kia ho kia ye uspe refund daingay ya phir hzm kr jayengay ?
Agr daingay refund to loss pe kitne percent daingay ?
Lonelybulbul oh sorry onlybulls
Cgt ka hissab annual basis par Hota Hai..
Psx mai Koe Kuch kama Pai Ga tabhi tou loss par same year refund Hoga.. apni jaib se thori Dain gay woo logg

Offline Irfan

  • Junior Member
  • **
  • Posts: 394
  • Thanks Received: 3
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1109 on: November 06, 2018, 11:51:35 AM »

I am non resident of pakistan and paying CGT 20%. i booked one gain last month and CGT deducted from my account(not sure why it is calculating monthly instead of yearly), suppose if i have loss in end of the year, so i will get refund the amount that i paid for CGT in positive months?

Also please if somebody has CGT formula or excel sheet to computer easily.



Exactly the same happened with me. As far as I remember in the previous year they never refund anything. so better not hope for loss.
1st July 2018 ko apka capital 100000 tha Jo 30 June 2018 ko 150000 hogaya tou 50000 gain par Apke Jo paisa less hongay woo ussi Saal Kay liay Thai woo paisa apko 1st July 2019 se 30 June 2020 Kay darmiyan honay walay loss mai adjust Nahin hongay ..

Thanks....i am non filer thats why 20% paying. i just created one account on fbr....not sure what form i have to fill to show shares ....this is the only thing that i have in pak....

You will file zero Income Tax Return ........

In the Wealth Statement you may declare shares in Any Other Assets .......

Offline A2Z

  • New Member
  • *
  • Posts: 63
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1110 on: June 28, 2019, 07:32:32 AM »
Dears,I have question pls answer.I booked Capital loss this year.Is this capital loss carryover for next year?I f I got profit next year can my loss will be compensate from my gain?
Regards

Offline Farooq Qadir

  • Active Member
  • ***
  • Posts: 534
  • Thanks Received: 3
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1111 on: June 28, 2019, 09:55:54 AM »
Dears,I have question pls answer.I booked Capital loss this year.Is this capital loss carryover for next year?I f I got profit next year can my loss will be compensate from my gain?
Regards

Yes,  current year losses can be carried  to next year and can be adjusted with next year  gains.
POL, ENGRO,ACPL,AHL,EFERT,ATRL,AICL,PAKRI, HBL,EFERT,BOP,OGDC

Offline A2Z

  • New Member
  • *
  • Posts: 63
  • Thanks Received: 0
    • View Profile
Re: CGT -- Capital Gains Tax
« Reply #1112 on: June 28, 2019, 08:14:03 PM »
Dears,I have question pls answer.I booked Capital loss this year.Is this capital loss carryover for next year?I f I got profit next year can my loss will be compensate from my gain?
Regards

Yes,  current year losses can be carried  to next year and can be adjusted with next year  gains.

Thanks Farooq Qadir.