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Buying or selling shares on the Pakistan Stock Exchange (PSX) can involve broker commission, market and clearing levies, and applicable taxes or duties. There is no single fee or tax rate that applies to every investor: your broker’s written tariff determines its charges, while capital gains tax depends on the security’s acquisition date, your taxpayer category, and the tax year.
What can be charged on a PSX trade?
Think of the cost as separate line items rather than one universal “PSX fee.” PSX requires brokers to disclose their commission and other charges, applicable regulatory levies, and applicable government taxes or duties in the customer tariff. Ask for the tariff attached to your Customer Relationship Form (CRF) or Sahulat Form before placing an order.
Broker commission
The commission is set out in the individual broker’s tariff; do not assume brokers use the same rate or charging method. Ask whether it is a percentage or fixed amount, whether a minimum applies, and what is charged on both purchases and sales.
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Exchange, clearing, and regulatory levies
Applicable levies may include charges associated with PSX, the Central Depository Company (CDC), the National Clearing Company of Pakistan Limited (NCCPL), and the Securities and Exchange Commission of Pakistan (SECP). These are distinct from broker commission, even if they appear together on a contract note. PSX’s investor guidance describes CDC as supporting share delivery and NCCPL as supporting clearing and settlement.
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Government taxes and duties
The broker tariff must also disclose applicable federal and provincial government taxes or duties. Which items apply depends on the transaction and the rules in force; do not treat an old online example or a broker’s marketing summary as a current tax schedule.
Account or custody charges
Account-maintenance, inactivity, custody, and minimum-balance charges are not established as uniform charges across domestic brokers. Check the current written tariff for your broker and any CDC or NCCPL schedule it references; do not assume these charges always apply or never apply.
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How to find the actual cost of your trade
- Before opening or using an account: request the current customer tariff attached to the CRF or Sahulat Form. PSX says the broker should furnish its tariff at account opening. Ask for the schedule effective on the date you plan to trade.
- Compare the same example with each broker: use the same purchase amount and hypothetical sale amount, and include both sides of the trade. Ask how the commission is calculated, whether there is a minimum, which levies and statutory charges are passed through, and whether any account-level charges apply.
- After execution: check the trade confirmation against your order and the tariff. PSX says the confirmation should be sent within 24 hours and show commission, applicable regulatory levies, and applicable taxes or duties. Keep the confirmation.
- If a line item is unclear: ask the broker for an itemized explanation and your account ledger before trading again. If the commission tariff changes, PSX says the broker must communicate the change in advance; regulatory and statutory tariff changes have a separate notification requirement.
| Compare | Ask the broker |
|---|---|
| Commission | Is it a percentage or fixed amount? Is there a minimum? What applies to buys and sells? |
| Regulatory and market levies | Which PSX, CDC, NCCPL, or SECP charges are passed through, and how are they itemized? |
| Account or custody charges | Does this tariff include recurring, inactivity, custody, or account-maintenance charges? |
| Taxes and duties | Which statutory charges apply to the example transaction under the current rules? |
| Disclosure | Can the broker provide the written tariff and itemized trade confirmations? |
PSX lists a schedule of charges updated December 18, 2024, and a revised technical service charge schedule effective July 1, 2026. NCCPL lists a fee, charges, and deposits schedule dated January 8, 2026. These official schedules are useful reference points, but the listed dates alone do not establish the total cost of a particular investor’s trade. Use the current schedule and your broker’s written tariff rather than relying on an unverified sample total.
Capital gains tax depends on acquisition date and taxpayer category
NCCPL’s Tax Year 2027 summary distinguishes PSX-listed securities by acquisition-date band and taxpayer type. For individuals and associations of persons (AOPs), the page displays the following rates for securities acquired on or after July 1, 2024:
| Taxpayer category and status | Acquisition date band | NCCPL Tax Year 2027 rate shown |
|---|---|---|
| Individuals and AOPs, ATL basis | On or after July 1, 2024 | 15% |
| Individuals and AOPs, non-ATL basis | On or after July 1, 2024 | 30% |
These figures are not a universal PSX capital gains tax rate. NCCPL’s page identifies separate treatment for securities acquired in older date bands, and company rates are shown separately. Check the current NCCPL table for the band and taxpayer category that match your circumstances; do not infer that a holding period alone determines the applicable rate. For your own position, also review your CGT certificate or consult a tax adviser.
Dividend withholding: check the current FBR row
FBR lists a Tax Year 2027 withholding rate card updated through June 30, 2026 under Finance Act 2026. The applicable dividend withholding rate depends on the relevant row for the investor’s category and tax status. Consult that official rate card rather than reusing an older rate; no specific dividend rate is stated here.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Use current schedules for the date of your trade
Tax tables and charge schedules can change. The NCCPL CGT summary is for Tax Year 2027, and the schedules noted above have their own update or effective dates. Confirm the version in force for your transaction and tax year, and keep your broker’s tariff and trade confirmations with your records. General rate information cannot determine an individual investor’s tax position.
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