The government has increased the rate of capital gains tax (CGT) on disposable of securities for the non-filers, while rates are kept unchanged for the filers.
The Finance Bill says the rate of CGT will remain 15 percent on securities held for less than a year, while non-filers will pay CGT at the rate of 18 percent. “In case holding period of securities is more than a year but less than two-year, CGT would be imposed at 12.5 percent for filers and at 16 percent for non-filers,” it added. Where holding period of securities is more than two years but the security was acquired on or after July 01, 2012, CGT will be 7.5 percent for filers and 11 percent for non-filers. There will be no CGT on securities acquired before July 01, 2012.
The government has also imposed CGT of five percent on both filers and non-filers on future commodity contracts entered into by the members of Pakistan Mercantile Exchange. Capital gains derived from sale of immoveable property is fixed at 10 percent where holding period of immovable property is up to five years; there will be no CGT on properties held for more than five years.