Pakistan to Introduce Cryptocurrency Tax Law
Pakistan's Federal Board of Revenue (FBR) is planning to introduce a new law to tax cryptocurrency users, with around 9 million users potentially affected.
The FBR has started consulting with experts to draft the country's first-ever legislation on cryptocurrency tax, aiming to document digital profits and expand the national tax base.
Money and profits generated and assets created through cryptocurrency dealings will remain undocumented and untaxed unless this regime is streamlined through legal provisions and clear rules.
- The FBR is exploring mechanisms to tax profits, income, and assets generated through cryptocurrency trading and mining.
- The move follows a directive from the Federal Tax Ombudsman (FTO), which had taken up a complaint urging the tax authority to clarify its policy on digital currencies.
Author's summary: Pakistan plans to tax its 9 million crypto users.
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