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 regulate and tax the growing digital asset market.
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 from cryptocurrency trading and mining.
- The move follows a directive from the Federal Tax Ombudsman (FTO) to clarify the tax authority's policy on digital currencies.
The new law aims to document digital profits and expand the national tax base amid rising crypto adoption.
Author's summary: Pakistan plans to tax its 9 million crypto users.