Islamabad:
Federal Tax Ombudsman Dr Asif Mehmood Jah has said that unless the rules and regulations regarding crypto currency are introduced, the amount, profit and assets received through its transactions will remain unprocessed and unprovoked.
Addressing an awareness session with the business community in Islamabad, FTO Coordinator Saif -ur -Rehman said that Hafiz Mohammad Asghar, a complainant from Islamabad, said in his petition that there are 560 million crypto currency users around the world out of which 9 million belong to Pakistan.
He said that Pakistan is the sixth largest country in the world which is adopting crypto currency. The complaint states that he wants to pay tax on crypto currency, but the FBR does not have rules and regulations in this regard.
The FBR policy wing has admitted in its response that the concept of crypto currency is new and the opinion of the experts is needed. The contents of the complaint are under consideration.
The FTO added in its order that the FBR’s ignoring it, negligence and disqualification is that it is challenging the FTO’s jurisdiction by tax authorities rather than praising the FTO Secretariat’s immediate action in this regarding sector.
Dr Asif Mehmood Jah said that crypto currency has now stepped up in Pakistan to a great extent. Our crypto market will reach $ 1.6 billion and its number of users will increase to 20 million this year.
The FTO in its order has asked the FBR to take them (on -board) confidence in consultation with the complainant and all stakeholders and ensure that the advice of the basic stakeholders will be approved through the next financial bill of the rules on this matter.
