IMF tells Pakistan to tax Cryptocurrencies, real estate

10:19 AM | 18 Mar, 2024
IMF tells Pakistan to tax Cryptocurrencies, real estate
Source: File Photo

ISLAMABAD – Pakistan's newly elected government is in talks with International Monetary Fund for additional funding to tackle economic challenges, and global lender has suggested government to tap more sectors.

During the talks, IMF has reportedly asked Federal Board of Revenue to impose additional taxes on the retail, real estate, besides bringing cryptocurrencies into tax net.

The global lender wants Pakistani authorities to mandate property developers to track and report all transfers before property titles, with penalties for non-compliance.

The stern recommendations could become part of an upcoming bailout package and the Federal Board of Revenue of Pakistan may incorporate them into the 2024-25 budget.

IMF identified challenges in taxing capital gains from real estate transactions, as property interests are often not registered until the property is legally completed, leading to untaxed profits from transfers before completion.

Reports in local media suggests that visiting delegation suggested taxation on nnew types of investments like cryptocurrencies. It has also proposed that capital gains on real estate and listed securities should be taxed regardless of how long they have been held.

The multilateral institution also recommended amending the definition of "personal movable property" in the Income Tax Ordinance to include a broader category of assets that can be held as investments, excluding those used as stock in trade or assets that depreciate.

Daily Pakistan Global Web Desk


Pakistani Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 May 2024

Pakistani currency rates against US Dollar and other currencies on May 28, 2024 (Tuesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.4 for buying and 280.25 for selling.

Euro stands at 298 for buying and 301 for selling while British Pound rate is 349.5 for buying, and 353 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal increased to 73.45.

Source: Forex Association of Pakistan. (last update 08:00 AM)

Currency Symbol Buying Selling
US Dollar USD 277.4 280.25
Euro EUR 298 301
UK Pound Sterling GBP 349.5 353
U.A.E Dirham AED 75.25 75.9
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.03 748.03
Canadian Dollar CAD 203 205
China Yuan CNY 38.42 38.82
Danish Krone DKK 40.44 40.84
Hong Kong Dollar HKD 35.62 35.97
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 904.07 913.07
Malaysian Ringgit MYR 59.05 59.65
New Zealand Dollar NZD 170.03 172.03
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.64 731.64
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 26.02 26.32
Swiss Franc CHF 304.75 307.25
Thai Bhat THB 7.6 7.75


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