The federal government is planning to buy properties owned by taxpayers on the low declaration of assets in the wealth statement.
Sources told ProPakistani that the Federal Board of Revenue (FBR) is planning to introduce a new format in wealth statements through which every taxpayer must disclose the Fair Market Value of each asset alongside the cost of acquiring that asset.
This will help in recognizing the true value of assets held by a person and depicting the exact increase in the assets of a taxpayer, in addition to that this feature will provide the government an option to buy the assets at the declared value if their value is declared too low by the taxpayer, sources added.
Officials further said that the taxpayers in the wealth statement declare the low value of properties to evade the taxes.
Sources further said that FBR is considering buying properties of taxpayers who undervalued their assets in the wealth statement by amending the laws.
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once this goes into litigation it would be very easy to whip the government and fbr ass.
Again bribery will be at its peaks to hush the case bewtween the FBR and the property owner declaring at lower value
Constructed property by self is lower in cost than buying a new property. How they will deal with it ? It means each and every house constructed after buying plot will be in the danger because plots value will increase as well as after completing the construction material prices also would increased.
In tax returns, properties are always declared at cost. Only when a property is sold, applicable capital gain tax is paid. Before actual transaction, it is just a guess.
Do any thing but should be logical and equally applicable to all.
Indeed that’s the good decision, because the property owners and the real estate agents are the whatever asked for price setters. This decision will balance the price of the properties.
That is why all investment in real estate going to Dubai
Govt has no money to buy properties. In order to manage, Will govt borrow more money from IMF? Eventually resulting in more inflation and mess. 👍
Ha ha ha. What a joke. And do what with these properties. Auction these to own favourites on half rates.
It seems that the properties value for recent purchase can be scrutinized. However, old properties are declared at historical price.
For example if a property is bought in 1980 and it’s price was 6 lac but current price is 3 crore. Then tax return will mention 6 lac being it’s historical price.
But if owner sells it at 3 crore the new buyer can not mention lower values..to be honest.
FBR must start this practice from Raiwind Palace.
Do all wonders , but never include the non tax payers in tax net…
That ridiculous.
Now we should find out each year what market value it and who will bear the cost
Many obtain the property from family through gift deed or sale deed by paying off other family members. How can be justify then those buying brand new property in same year.
Will it be applicable for DHA and ASKARI,and armed forces official,or will be implemented on bloody civilians only