The International Monetary Fund (IMF) is reportedly recommending that Pakistan’s Federal Board of Revenue (FBR) expand the scope of their profit taxes to include crypto.
According to a report by Pakistani news channel The News, the IMF is asking the FBR to bring crypto profits into the country’s tax net.
The IMF is asking Pakistan’s FBR to collect capital gains tax (CGT) to help pay for the $3 billion bailout funds.
In addition, the IMF has recommended that the FBR should also look into taxing real estate and securities.
The IMF provided $3 billion in aid to stabilize Pakistan’s hyper-inflated economy, which was at risk of default due to geopolitical tensions, natural disasters and unstable governance.
The IMF has started its four-day review of Pakistan from March 14. If terms are agreed, about $1.1 billion in aid will be disbursed to Pakistan.
Pakistan’s Minister of Finance and Taxes, Aisha Ghaus Pasha, announced almost a year ago that Pakistan would never legalize cryptocurrency trading. Now the government has called for taxing crypto capital gains.
Late last year, Coinbase said Pakistan was among a growing list of countries whose authorities had sent information requests to the crypto exchange.
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