ByIslamabad, Pakistan: The federal government is considering a plan to purchase properties owned by taxpayers who have undervalued their assets in their wealth statements.
The Federal Board of Revenue (FBR) is planning to introduce a new format for wealth statements that requires taxpayers to disclose the fair market value of each asset, in addition to the acquisition cost. This will help identify discrepancies between declared values and actual market values.
The government may exercise its right to purchase properties at the declared value if it deems the value to be significantly undervalued. Pro Pakistani
This measure aims to address the issue of taxpayers underreporting the value of their assets to evade taxes. By acquiring undervalued properties, the government can recoup lost revenue and ensure fair taxation.
