Pakistan's Federal Board of Revenue (FBR) is working on a new law to tax cryptocurrency users, aiming to document digital profits and expand the national tax base.
The FBR has started consulting with experts to draft the country's first-ever legislation on cryptocurrency tax, seeking 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 new law may affect Pakistan's 9 million crypto users, who will soon be required to pay taxes on their digital assets.
Author's summary: Pakistan plans to tax cryptocurrency users.