The Federal Board of Revenue (FBR) will issue 'statement acknowledgement receipt' to the filers of quarterly statements of capital gain tax (CGT) through electronic system. Pakistan Revenue Automation Limited (PRAL) - the IT arm of FBR, on Tuesday issued a users' guide for investors of stock exchanges liable to file quarterly statements of CGT.
The comprehensive guide explains procedure for filing of CGT statements. The step by step procedure facilitates the filers to accurately file the statements. This is for the first time that PRAL has issued a detailed 'user guide' to simplify procedure for filing of quarterly statements of CGT. The procedure has guided the brokers and investors to properly prepare the CGT form electronically. The particulars of the investors account and 'investor's account record' would also be submitted through the electronic system.
According to the guide, the CGT is one of the services co-hosted by FBR at web based e-Portal (https://e.fbr.gov.pk). The PRAL is managing this e-Portal under the policies of FBR. The 'guide' intends to describe the steps to file the CGT. The intended users of the system would include brokers and investors.
The 'broker' is a person who sells or purchases shares in stock market duly authorised by investor & stock exchange. He manages the account of every investor through CDC (Sub account Number.) However, the 'investor' is one who invests in stocks through broker. An 'investor' can be an individual, AOP or company. 'Investor' can have more than one 'broker'. The CGT filing involves mainly the following activities: Opening of Web Application. ie https://e.fbr.gov.pk; login the system, opening the CGT application and preparation of CGT.
Enter your issued login and password in the login section given in the right side of page to enter into the website and to file CT showing in the figure CGT_Login_1. The 'manual' also explains that the procedure for submission of summary of Shares Held - Tax Payable @ 7.5 percent. "If you will pay tax with respect to 7.5 percent then from left panel of the screen click on "Summary of Share Held - Tax Payable @ 7.5percent" showing in the figure "CGT_Filing-8." The investors and brokers would also submit the summary of shares held, depending on the period of holding as per CGT rules. The quarterly data of brokerage would be submitted to the department through the electronic system.