The International Monetary Fund (IMF) is reportedly recommending the Pakistan Federal Board of Revenue (FBR) expand the scope of their gains taxes to include crypto.
According to a report from the Pakistani news outlet The News, the IMF is asking the FBR to bring crypto gains into the country’s tax net.
[adinserter block="1"]The IMF is asking Pakistan’s FBR to collect Capital Gains Tax (CGT) to help pay for $3 billion in bailout funds.
In addition, the IMF has recommended the FBR also look at taxing real estate and securities.
The IMF provided $3 billion in aid to stabilize Pakistan’s hyperinflated economy, which was at risk of debt default due to geopolitical tensions, natural disasters, and unstable governance.
The IMF has begun its four-day review of Pakistan from March 14. If the conditions are agreed upon, around $1.1 billion will be disbursed to Pakistan in aid.
The Pakistani Minister of State for Finance and Revenue, 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 that Pakistan was among a growing list of countries whose authorities had sent information requests to the crypto exchange.
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