IMF Urges Pakistan to Tax Crypto Capital Gains for $3B Bailout
- This came during the review negotiations around a $3 billion stand-by arrangement (SBA).
- The government has also been requested to examine the taxes on stocks and real estate.
In order to be eligible for $3 billion in bailout money, the International Monetary Fund (IMF) has mandated that the Federal Board of Revenue (FBR) of Pakistan impose a Capital Gains Tax (CGT) on investments in cryptocurrencies.
The IMF suggested that Pakistans FBR tax cryptocurrency capital gains during the review negotiations around a $3 billion stand-by arrangement (SBA). The News, a local news media, reports that the government has also been requested to examine the taxes on listed stocks and real estate.
Stringent Recommendations
According to the IMFs proposed rate change, real estate owners should be required to pay taxes on capital gains every year regardless of whether they sell or keep the property. The implementation of new tax regulations in the real estate sector may also include more stringent reporting and monitoring requirements for developers, backed by heavy penalties for those who do not comply.
It has been reported in the local media that the impending bailout package under the Extended Fund Facility (EFF) may include the IMFs proposals. This means a strict cryptocurrency tax on capital gains might find its way into Pakistans 20242025 budget.
A debt default caused by geopolitical tensions, natural disasters, and unpredictable national government is only one of many reasons why Pakistans hyperinflated fiat economy needs the $3 billion in help from the International Monetary Fund.
On March 14, the four-day IMF review began, and if Pakistan agrees to the requirements, around $1.1 billion would be distributed. Aisha Ghaus Pasha, the minister of state for finances and taxes, had previously said that the nation would never allow crypto trading; now, there is a need to tax crypto capital gains.
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Read more: https://thenewscrypto.com/imf-urges-pakistan-to-tax-crypto-capital-gains-for-3b-bailout/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
