2024

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The IMF wants Pakistan to increase tax measures on crypto profits to secure a $3 billion bailout for its faltering economy.
The latest <a href="https://www.statista.com/outlook/fmo/digital-assets/cryptocurrencies/pakistan" target="_blank" rel="noopener noreferrer nofollow">reports</a> show Pakistan’s crypto industry is worth nearly $20 million. As of 2023, the country was ranked among the top five highest crypto investors worldwide, with <a href="https://triple-a.io/digital-currencies-ownership-data/" target="_blank" rel="noopener noreferrer nofollow">15 million</a> of its population actively owning cryptocurrencies.
In negotiations over a $3 billion standby agreement with the IMF, the lender has advised Pakistan’s Federal Board of Revenue (FBR) to broaden Capital Gains Tax (CGT) coverage by including cryptocurrency transactions. The IMF also suggests reevaluating real estate and publicly traded securities tax brackets to ensure taxation on all profits, independent of ownership duration.
You might also like: <a href="https://crypto.news/bitcoin-standard-chartered-prediction/" rel="noopener noreferrer nofollow"> Standard Chartered: Bitcoin to reach $150k by end of 2024 </a>
Under the proposed <a href="https://www.thenews.com.pk/print/1169277-imf-asks-for-taxing-cryptocurrencies-reviewing-slabs-of-real-estate" target="_blank" rel="noopener noreferrer nofollow">guidelines</a>, real estate developers in Pakistan would have to record and declare every transfer of real estate interest before the finalization and official registration of property titles. Non-compliance with these regulations could lead to fines, including secondary liability for outstanding taxes. This initiative targets to regulate the common practice of trading plot files in housing projects.
After <a href="https://crypto.news/pakistans-state-bank-highlights-ripples-xrp-potential/" rel="noopener noreferrer nofollow">Pakistan</a> accepts the terms, the IMF plans to release approximately $1.1 billion, the remaining portion of the bailout agreement from the previous summer. This agreement prevented Pakistan from defaulting on its sovereign debt.
Read more: <a href="https://crypto.news/crypto-fund-inflows-hit-new-record-reaching-2-9b-in-week/" rel="noopener noreferrer nofollow"> Crypto fund inflows hit new record, reaching $2.9b in week </a>

IMF requires Pakistan to impose crypto tax for $3b bailout

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