The International Monetary Fund (IMF) is urging Pakistan to expand its tax net to include cryptocurrency gains.
Taxing Crypto to Pay for Bailout
The IMF has recommended that Pakistan’s Federal Board of Revenue (FBR) implement a Capital Gains Tax (CGT) on cryptocurrencies. This move is intended to help Pakistan repay its $3 billion bailout debt.
IMF’s Review and Aid Disbursement
The IMF is currently conducting a four-day review of Pakistan’s economy. If the conditions set by the IMF are met, Pakistan will receive $1.1 billion in aid.
Pakistan’s Stance on Crypto
Despite previously stating that cryptocurrency trading would not be legalized, the Pakistani government is now considering taxing crypto capital gains.
International Interest in Crypto Taxation
Pakistan is not alone in considering crypto taxation. Coinbase has reported that several countries have requested information on crypto exchanges, indicating a growing global interest in regulating the industry.
