Pakistan's Crypto Users to Enter Tax Net
Pakistan's Federal Board of Revenue (FBR) is planning to introduce a new law to tax cryptocurrency users, with 9 million users potentially affected.
The FBR has started consulting experts to draft the country's first-ever cryptocurrency tax legislation, aiming to document digital profits and expand the national tax base amid rising crypto adoption.
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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