A good news is coming that Pakistan is officially legalizing crypto and allowing all kinds of crypto usage. There will no restrictions for any kind of deposit and withdrawal and all will be through proper source of banking. There I got this news and posted about it yesterday.
As far as I have gathered, 80% of this news is true and very soon the court will support this news, and officially the SBP will announce it and will call it legalize along with imposing tax. It is definitely a very good move from the Pakistani government.
But one thing has worried me, and that is the imposition of tax. Just like in my country, there is tax on everything, from small items to big ones, will they also impose tax on crypto?
Just like in our neighboring country India, the same thing happened, after legalizing crypto, heavy taxes were imposed, and it was very disappointing. As far as I know, Indian investors are paying 30% tax, which is very high.
Now the thing to think about is whether the Pakistani government will impose the same amount of tax. It is certainly possible, but there is no information about the percentage. For example, if they impose heavy taxes, then investors will face difficulties again.
Certainly, by doing this, investors will try to avoid taxes and they will take illegal routes to avoid it. Which is wrong, and then the benefit of legalizing crypto will be lost.
The government should think carefully that imposing more than 10% tax is not a good idea, and this way investors will be happy, and everything will be done legally.
But if the tax is high, then everyone will deposit and withdraw money through alternative methods, which will reduce the government's benefit and increase the difficulties for investors.
Do you think that imposing more tax will affect crypto investors? Will investors pay the government heavy taxes? I will be glad to see your answers in the comment section.
I hope you find this post useful and informative. If you do, please remember to reblog it so that it reaches as many people as possible and that they can benefit the most from it. Also, remember to upvote, which will help me financially and grow my account.
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