Pakistan Financial Industry Officials Propose 15% Tax on Crypto

Source : coinquora.com

Market News

  • Financial industry officials in Pakistan released a statement on Tuesday regarding the profitability of taxing crypto.
  • According to the industry officials, Pakistan can generate revenues worth at least $90 million per annum if they charge a 15 percent tax on the cryptocurrency trade.
  • It is believed that it may take the government 12-18 months before they come to a decision regarding the proposal brought forward.

Financial industry officials in Pakistan released a statement on Tuesday regarding the profitability of taxing crypto in the nation.

According to the industry officials, Pakistan can generate revenues worth at least $90 million per annum if they charge a 15 percent tax on the cryptocurrency trade. This figure is based on the previous year’s total crypto transactions in Pakistan, which totaled $20 billion. Of this, $650 million of profit was earned.

The Country General Manager for the crypto exchange platform, Rain Financial Inc., Zeeshan Ahmed, said in a recent interview with the press that “The US and India are collecting billions of dollars through a 30 percent tax on the profit earned from crypto trading. We can start with a 15 percent tax.”

Ahmed was joined by the Director of Public Policy at Rain Financial Inc., Aatiqa Lateef, who said “ It has been observed all over the world that regulators initially tend to oppose it but as the trend gathers momentum they join the party by bringing this phenomenon under the regulatory regime.”

Ahmed believes that it may take the government 12-18 months before they come to a decision regarding the proposal brought forward by the representatives of Rain Financial Inc. In addition, he believes that the biggest challenge was the initial capacity building for all regulators.

According to the country manager, “Crypto is a very new phenomenon and without the requisite due diligence and technical guidance from companies such as Rain, it is difficult for any regulator anywhere to quickly understand new technologies”.

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