Islamabad: In a strategic update, the Federal Board of Revenue (FBR) has revised the wealth statement format to empower the government to acquire properties reported with undervalued assets by taxpayers. This new measure is designed to improve tax accuracy and property value reporting.

According to Zameen.Com, the revised format now mandates that taxpayers disclose both the Fair Market Value and the acquisition cost of their assets. This dual-reporting mechanism is intended to provide a comprehensive view of asset valuations, ensuring that wealth growth is accurately captured in tax records. Additionally, the updated format grants the government the authority to purchase properties at their declared values if they are found to be significantly undervalued by their owners.

The change comes in response to common practices among many property owners who underreport the value of their assets as a means to reduce tax liabilities. The FBR is actively pursuing legal changes to support the enforcement of this new policy, aiming to curb tax evasion and improve fiscal transparency.