The IMF Urges Pakistan To Impose Taxes on Cryptocurrency and Real Estate.

Negotiations between Pakistan and the IMF on a $3 billion standby agreement by March 18, 2024, are expected to be signed. However, the IMF has requested that Pakistan introduce a capital gains tax (CGT) on investments in cryptocurrency and real estate as a condition of the agreement.

As per the local media reports, the IMF recommended imposing taxes on new financial investments, such as cryptocurrency. The IMF also proposed a new real estate policy to combat tax evasion and generate more income from Pakistan.

The guidelines stipulate the necessity of documenting and declaring all property transactions and ensuring the registration of property titles. Failure to comply with these regulations could lead to significant penalties. Furthermore, the IMF has recommended amendments to the “Personal Moveable Property” section within the Income Tax Law.

Read More: CDA Approves Pakistan’s Largest IT Park In Islamabad

If the negotiations succeed, the IMF will release the remaining $1.1 billion bailout package to prevent sovereignty debt. These recommendations could potentially be integrated into the future assistance package as part of the Extended Fund Facility (EFF) program.

Moreover, the Federal Board of Revenue (FBR) can also be included in the financial bill, which will be part of the 2025 budget.

Stay connected to Red Marketing & Real Estate for more updates.