ISLAMABAD: Pakistan’s government, struggling to lift revenues and cut ballooning public debt, registered around 100,000 new tax filers and expects to have raised about $450 million from a tax amnesty on hidden assets, the finance chief said on Thursday.
The announcement came a day after the International Monetary Fund gave final approval to a $6 billion loan package designed to shore up the economy while the government cuts debt and builds up dwindling foreign currency reserves.
Finance chief Abdul Hafeez Shaikh said nearly 137,000 people had registered at the closure of the amnesty this week, of whom nearly 100,000 were first-time filers.
That was a significant total in a nation where less than 1% of the 208 million population file tax returns.
In total, around 3 trillion rupees ($19.25 billion) of assets were declared and tax revenue worth around 70 billion rupees ($449.15 million) was collected.
Prime Minister Imran Khan introduced the amnesty on undeclared assets, part of a broader drive to widen Pakistan’s notoriously narrow tax base, in a bid to identify high earners for more efficient tax collection.
The move represented a turnaround for Khan who had accused previous governments of using amnesties to legitimize illegally acquired wealth hidden inside Pakistan and abroad.
Under the IMF agreement, approved on Wednesday, Pakistan has undertaken to drastically increase revenue mobilization by 4-5% of GDP at federal and provincial level over three years.
There have already been protests by opposition parties at the squeeze on household revenues.
Hafeez Shaikh said the IMF agreement would open up more funds from other lending agencies and help the broader economy.
“Pakistan’s economy will stabilize, and we will take on the path of progress,” he said.
The government has set a target of raising 5.55 trillion rupees ($35.6 billion) in tax this year, an ambitious goal given that it missed a previous target of 4.4 trillion Pakistani rupees ($28.2 billion) by over 500 billion rupees ($3.2 billion).
Pakistan amnesty scheme draws 100,000 new tax filers, $450 million
Pakistan amnesty scheme draws 100,000 new tax filers, $450 million
- Nearly 137,000 people had registered at the closure of the programme this week
- Around $19.25 billion assets declared, $449.15 million tax revenue collected
Pakistan passes Virtual Assets Act 2026, empowers regulator to combat money laundering
- Legislation introduces licensing for virtual asset service providers, market surveillance mechanisms
- Pakistan is one of the world’s top cryptocurrency markets, with millions actively using virtual assets
KARACHI: Pakistan’s parliament on Friday passed the Virtual Assets Act 2026, granting the Pakistan Virtual Assets Regulatory Authority (PVARA) powers to combat money laundering, militant financing and other illicit activities, the regulator said.
The legislation introduces regulatory provisions including mandatory licensing for virtual asset service providers, market surveillance mechanisms, anti-money laundering and counter-terrorism financing compliance, and coordination with Pakistani financial regulators including the State Bank of Pakistan and the Securities and Exchange Commission of Pakistan.
Pakistan has in recent months stepped up efforts to draft rules for regulating the fast-expanding market for digital coins and tokens, requiring virtual asset service providers to secure government approval. Islamabad’s move to embrace digital currency marks a significant policy shift as it had banned cryptocurrency in 2018, citing financial risks.
“A year ago, Pakistan’s digital asset landscape was defined by uncertainty and grey areas. Today, we have the country’s first Act of Parliament establishing a regulatory body for virtual assets, building on the Presidential Ordinance introduced in 2025,” PVARA Chairman Bilal bin Saqib said in a post on X.
“With NOCs [no objection certificates] already issued and banking rails being developed in coordination with the State Bank of Pakistan, we are now moving toward a comprehensive licensing framework aligned with global AML [anti-money laundering] and financial integrity standards.”
Meanwhile, PVARA said the framework aims to boost transparency, protect investors, and ensure a stable, trustworthy virtual asset market while supporting responsible fintech innovation.
“The legislation also equips the Authority with powers to address money laundering, terrorist financing, and other illicit activities associated with virtual assets, bringing Pakistan’s regulatory approach in line with international standards,” it added.
Pakistan ranks among the world’s largest cryptocurrency markets by adoption, with millions of citizens actively engaged in virtual assets.
In February, Dr. Afnanullah Khan, a Pakistani senator from the ruling party, had said major crypto coins such as Bitcoin, Ethereum and XRP will soon be traded in Pakistan through crypto exchanges.
Pakistan earlier launched a “regulatory sandbox” for firms to trial crypto services under PVARA’s supervision before full approval.
In January, Pakistan signed a memorandum of understanding with a World Liberty Financial-linked firm, tied to US President Donald Trump’s family, to explore a dollar-backed stablecoin for cross-border payments.
