IMF Demands $3,000,000,000 Bailout Debt From Pakistan Through New Crypto Taxes: Report
The International Monetary Fund (IMF) is reportedly recommending the Pakistan Federal Board of Revenue (FBR) expand the scope of their gains taxes to include crypto.
According to a report from the Pakistani news outlet The News, the IMF is asking the FBR to bring crypto gains into the country’s tax net.
The IMF is asking Pakistan’s FBR to collect Capital Gains Tax (CGT) to help pay for $3 billion in bailout funds.
In addition, the IMF has recommended the FBR also look at taxing real estate and securities.
The IMF provided $3 billion in aid to stabilize Pakistan’s hyperinflated economy, which was at risk of debt default due to geopolitical tensions, natural disasters, and unstable governance.
The IMF has begun its four-day review of Pakistan from March 14. If the conditions are agreed upon, around $1.1 billion will be disbursed to Pakistan in aid.
The Pakistani Minister of State for Finance and Revenue, Aisha Ghaus Pasha, announced almost a year ago that Pakistan would never legalize cryptocurrency trading. Now, the government has called for taxing crypto capital gains.
Late last year, Coinbase said that Pakistan was among a growing list of countries whose authorities had sent information requests to the crypto exchange.
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