CDC to facilitate transfer of book-entry securities under tax amnesty scheme

KARACHI: The Central Depository Company (CDC) Limited will facilitate the transfer of book-entry securities in the central depository system against the declaration of assets under the Government of Pakistan’s tax amnesty scheme by way of the Voluntary Declaration of Domestic Assets Act, 2018 and the Foreign Assets (Declaration and Repatriation) Act, 2018.

In this regard, CDC, with the prior approval of Securities and Exchange Commission of Pakistan (SECP) has issued the necessary circular detailing the requirements and procedures of such securities’ transfers.

This circular has been made available on CDC’s website for ready reference. CDC believes that this initiative will help the declarants to avail the benefits offered by the Government of Pakistan in the tax amnesty scheme.

CDC is the sole depository of Pakistan, holding custody of securities worth Rs5.3 trillion (equivalent to $44 billion) in electronic format.