NCCPL revises capital gains tax, super tax computation mechanism for tax year 2026

The National Clearing Company of Pakistan Limited (NCCPL) has announced a revised mechanism for the computation and collection of Capital Gain Tax (CGT) and Super Tax (ST) for the tax year 2026, following a Federal Constitutional Court of Pakistan order issued on January 27, 2026.

In a notice issued to clearing members, asset management companies and the Pakistan Mercantile Exchange Limited, NCCPL said it will no longer compute or collect Super Tax on net capital gains where no Capital Gain Tax is payable due to the applicable holding period under the Income Tax Ordinance, 2001.

The company clarified that Super Tax will continue to be calculated and collected on capital gains that remain subject to Capital Gain Tax under Sections 37A and 4C of the Income Tax Ordinance, 2001.

NCCPL also announced that it will no longer adjust Capital Gain Tax against a taxpayer's Super Tax liability for the current tax year.

According to the revised procedure, any excess Capital Gain Tax collected from a taxpayer will be refunded, irrespective of any outstanding Super Tax obligation. The notice stated that Capital Gain Tax and Super Tax liabilities will be treated and collected separately.

The company said the revised measures will apply to the entire tax year 2026 and will be incorporated during the finalisation of year-end tax computations.

NCCPL advised market participants to contact its Customer Support Department for further information regarding the implementation of the revised tax calculation mechanism.