IMF asks FBR to bring Cryptocurrencies into tax net

BusinessIMF asks FBR to bring Cryptocurrencies into tax net

ISLAMABAD, Pakistan: The International Monetary Fund (IMF) has proposed measures including bringing Cryptocurrencies into the tax net to expand the taxation base, in addition to recommending the Federal Board of Revenue (FBR) to impose Capital Gains Tax (CGT) on real estate and listed securities.

Reports said that the global lender recommended the FBR for an expansion in the scope of Capital Gains Tax by bringing Cryptocurrencies into the tax net as well as for reviewing slabs of real estate as well as listed securities to ensure all gains are taxed instead of holding assets for any time periods.

   

Additionally, it also asked the FBR for binding property developers to track and report all transfers prior to completion and registration of property titles, and if any property developers fail to comply, certain penalties might be imposed.

Through this recommendation, the IMF has asked the FBR to bring rampant business of buying and selling files of different plots in the Housing Schemes into tax net.

Reports said that these recommendations of the IMF might become part of the upcoming bailout package under the Extended Fund Facility (EFF) and FBR might be bound to make it part of the next budget for Fiscal Year 2024-25 through the finance bill.

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Mati
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