| Islamabad: The new wealth statement format introduced by the Federal Board of Revenue (FBR) enables the government to acquire properties declared with undervalued assets by taxpayers. This news was reported in an article on October 10.
Read: FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn
As per shared details, this initiative will require all taxpayers to disclose the Fair Market Value of each asset alongside its acquisition cost. By providing a clearer picture of the true value of assets, the new format aims to accurately reflect taxpayers’ wealth growth. It will also give the government the option to purchase properties at their declared value if taxpayers have significantly undervalued them.
Officials have noted that many taxpayers underreport property values to evade taxes. In response, the FBR is considering legal amendments to facilitate the acquisition of these undervalued properties. |
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