Federal Board of Revenue (FBR) has issued a notification for the calculation of capital gain tax on the transaction of commodities in Pakistan Mercantile Exchange (PMEX).
For the purpose, the FBR issued SRO 1145(l)/2016 and added PMEX under various provisions of the Income Tax Rules, 2002 to bring commodity transactions under the ambit of capital gain tax. The FBR on November 18, 2016, notified the draft rules for the purpose and invited feedback from stakeholders.
Under the amended rules an investors in the commodity exchange is required to submit an affidavit affirming that particulars of his account given as per rules and the particulars of securities transactions conducted during a tax period given in part II of the summary of securities transactions are true and correct and in accordance with the ledger statements and Central Depository Company (CDC) statements of his account for the mentioned tax period.
