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IMF Pushes Pakistan to Tax Crypto Gains Amid Bailout Talks

2024/03/19 17:47

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$3 billion rescue contingent on expanded capital gains levies

Amidst negotiations for a $3 billion bailout, the International Monetary Fund is advocating that Pakistan's Federal Board of Revenue expand its capital gains tax regime to encompass cryptocurrency profits.

According to Pakistani reports, the IMF's recommendations span widening the tax net over real estate, securities, and crucially - crypto assets, to bolster state coffers funding the much-needed aid tranche.

The multilateral lender initiated a four-day review on March 14th. Roughly $1.1 billion could flow to Pakistan if authorities acquiesce to prescribed fiscal reforms, including taxing previously untapped crypto wealth.

The push marks a striking U-turn for Pakistani crypto policy. Just last year, a government minister dismissed legalizing digital asset trading outright, let alone subjecting it to taxation.

However, the nation's economic fragilities following regional conflicts, climate disasters, and political instability appear to have reshaped priorities. Desperate for IMF liquidity, officials now seem amenable to shedding crypto's tax-free status.

Coinbase recently disclosed expanding information requests from Pakistani regulators. As developing nations grapple with crypto's rise, many now seek channels to extract revenue from burgeoning adoption.

Yet Pakistan's apparent crypto tax plans raise broader uncertainties around anonymity, compliance, and regulatory overreach concerning novel digital assets and their underlying blockchains.

Crypto Regulation

Dapatkan pemahaman yang lebih luas tentang industri kripto melalui laporan informatif, dan terlibat dalam diskusi mendalam dengan penulis dan pembaca yang berpikiran sama. Anda dipersilakan untuk bergabung dengan kami di komunitas Coinlive kami yang sedang berkembang:https://t.me/CoinliveSG

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