The International Monetary Fund (IMF) has reportedly suggested to the Pakistan Federal Board of Revenue (FBR) to broaden their taxation policies to encompass cryptocurrencies.
According to a report by Pakistani news outlet The News, the IMF is urging the FBR to incorporate crypto gains into the country’s tax regime.
In an effort to address a $3 billion bailout debt, the IMF is advocating for Pakistan’s FBR to levy Capital Gains Tax (CGT) on cryptocurrency transactions.
Furthermore, the IMF has proposed that the FBR explore the possibility of imposing taxes on real estate and securities as well.
The IMF extended $3 billion in assistance to stabilise Pakistan’s economy, which was experiencing hyperinflation and faced the risk of debt default due to geopolitical tensions, natural calamities, and political instability.
The IMF has initiated a four-day assessment of Pakistan starting from March 14. If the terms are agreed upon, approximately $1.1 billion will be disbursed as aid to Pakistan.
Nearly a year ago, the Pakistani Minister of State for Finance and Revenue, Aisha Ghaus Pasha, stated that Pakistan had no intentions to legalise cryptocurrency trading. However, the government’s stance has since shifted, now advocating for the taxation of crypto capital gains.
In late 2023, Coinbase disclosed that Pakistan was among the increasing number of countries whose authorities had reached out to the crypto exchange for information.