As per the latest circular issued by Pakistan Mercantile Exchange dated July 04, 2016, this is to notify all the traders that as per the amendment made in the Income tax Ordinance (ITO) 2011 through Finance Act, the following changes have come in effect:
The Advance Adjustable Income Tax under section 236T of the ITO has been abolished.
A Capital gain Tax (CGT) of 5% has been introduced under 37A effective from July 01, 2016.
The Profit/Loss will be computed on cumulative daily basis by the exchange and collect CGT on net cumulitive gains only from Margin account.
On month end, the exchange will submit a monthly report to NCCPL, upon which the tax will be deposited.
If you have any queries or would like to discuss CGT in detail, feel free to write to us at email@example.com of call us at +92-21-35370153