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PSX Capital Gains Tax Calculator - Section 37A (TY 2025-26)

Capital gains tax on PSX shares and other listed securities. Three regimes apply depending on when the security was acquired.

Section 37A · Eighth Schedule · Finance Act 2024
Estimate
Holding period1.76 years
Applicable rate15.00%
CGT payableRs 0
Finance Act 2024: filers pay 15% flat on listed-security gains, irrespective of holding period.
How regimes work
Acquired before 1 Jul 2013: exempt (0%).
Acquired 1 Jul 2013 → 30 Jun 2024: holding-period schedule from the Eighth Schedule (15% < 1 yr down to 0% after 6 yrs).
Acquired 1 Jul 2024 or later: 15% flat for filers; non-filers pay the higher of 15% or marginal slab.

Three regimes, one date that decides everything

Capital Gains Tax on listed securities in Pakistan is governed by Section 37A read with the Eighth Schedule. What confuses most investors is that the rate doesn't depend on when you sold the shares - it depends on when you bought them. Three distinct regimes coexist on PSX today, and your portfolio can have lots from all three at the same time.

Pre-1 July 2013 acquisitions are exempt - gains on these shares are 0% regardless of how much you make. Acquisitions between 1 July 2013 and 30 June 2024 follow a holding-period schedule: 15% if held less than one year, dropping to 12.5%, 10%, 7.5%, 5%, 2.5% and finally 0% after six years. Acquisitions on or after 1 July 2024 are taxed at a flat 15% for filers on the Active Taxpayer List regardless of holding period; non-filers pay the higher of 15% or their marginal slab rate, which can mean an effective 45% for top-bracket non-filers.

How NCCPL handles the math (you barely have to)

The National Clearing Company of Pakistan Limited (NCCPL) calculates and deducts CGT on every disposal you make through a PSX broker. The system tracks each tax lot - acquisition date, cost, sale price - and applies the right regime automatically. At the end of the year (or whenever you ask), you can download a CPR-style certificate from the NCCPL portal showing total gains, applicable rate, and tax already deducted. This is the authoritative figure you copy into your IRIS return - this calculator is a sanity check, not a replacement.

Off-market transactions (private placements, gift, inheritance, shares received through a corporate action like a merger) don't pass through NCCPL. You're responsible for tracking the acquisition date and cost yourself and declaring the gain in your own return. Brokers can issue a certificate covering on-market activity only.

Worked example - filer with mixed portfolio

You bought 1,000 shares of OGDC at PKR 80 in March 2014 and sold them in October 2025 for PKR 180. Gain = PKR 100,000. Acquisition date is in the holding-period regime and you've held for over 6 years - rate is 0%, tax payable PKR 0.

Same year you bought 500 shares of LUCK at PKR 700 in August 2024 and sold them in May 2026 for PKR 1,000. Gain = PKR 150,000. Acquisition date is post-1 July 2024, so the flat regime applies - 15% × 150,000 = PKR 22,500.

Total CGT for the year: PKR 22,500. NCCPL will have already deducted this; declare it under code 9203 in your return.

Loss offset and carry-forward

The Eighth Schedule allows capital losses on listed securities to offset capital gains on listed securities within the same tax year. Unused losses can be carried forward for up to three tax years but can only be offset against future CGT on securities - not against salary, business income, or property gains. Losses cannot be carried backward.

A common trap: investors hold loss-making positions indefinitely without realising them. If you have unrealised losses and you've also booked gains in the year, selling before 30 June can shelter the gains. Just be aware of the wash-sale-style anti-avoidance principles - buying back the same security days later in a transparent attempt to "harvest" a loss is open to challenge.

Frequently asked questions

What's the CGT rate on PSX shares in Pakistan?
For securities acquired on or after 1 July 2024, the rate is 15% flat for filers on the ATL; non-filers pay the higher of 15% or their marginal slab rate. Securities acquired 1 July 2013 to 30 June 2024 follow a holding-period schedule (15% under one year, sliding to 0% after six years). Securities acquired before 1 July 2013 are exempt.
Is CGT collected automatically by the broker?
Yes - NCCPL computes and deducts CGT on every disposal made through a PSX broker and remits it to FBR. You can download a certificate from the NCCPL portal at the end of the year showing total gains, applicable rate, and tax already deducted.
Can I offset capital losses against capital gains?
Yes, within the same tax year on listed securities under the Eighth Schedule. Unused losses can be carried forward for up to three years against future CGT on securities only. Losses cannot offset salary or business income.
Does this calculator handle bonus shares and right issues?
Bonus shares are deemed acquired on the date of issue with zero cost. Right shares are deemed acquired on the date of allotment at the strike price you paid. Enter the relevant date and cost basis - the calculator will apply the correct regime.
What about derivatives and futures on PSX?
Cash-settled derivatives are taxed separately as speculative business income at slab rates, not as capital gains. Deliverable futures are treated as a transfer of the underlying security and fall under Section 37A.
Guidance only. Easy Tax Online is not affiliated with FBR, PSEB, the State Bank, or any other authority. Tax law in Pakistan changes annually with each Finance Act - always verify the applicable rate on the FBR website or with a chartered accountant before remitting or filing. Withholding deducted by your AMC, broker, bank, or employer is authoritative; this calculator is a cross-check.