If the trade of crypto currency is legalized in Pakistan, how many billions of taxes can be collected?
NEW YORK (Monitoring Desk) - All the world's major and emerging economic powers have legalized the trade of digital currencies. However, Pakistan is one of the few countries in the world where the trade of crypto currencies is still prohibited.
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According to the recent report by ProPakistani, Zeeshan Ahmed, Country General Manager, Ren Financial, a cryptocurrency exchange, said that if Pakistan allows the trade of cryptocurrencies, it could collect Rs 20 billion in taxes per year ۔
Zeeshan Ahmed said that Pakistanis trading in cryptocurrencies earned 65 million between July 2020 and 2021. If only 15% tax were levied on this income, the government would have earned 100 million dollars (approximately 20 billion rupees).
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It is worth mentioning here that the trade of cryptocurrencies has legal status in India and the Indian government is levying 30% tax on the income earned from the trade of crypto buisness. Zeeshan Ahmed said that if this trade of cryptocurrencies becomes legal in Pakistan. So it will also see a significant increase in volume.
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