{"id":99835,"date":"2024-10-10T11:21:11","date_gmt":"2024-10-10T06:21:11","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=99835"},"modified":"2024-10-10T15:23:24","modified_gmt":"2024-10-10T10:23:24","slug":"fbr-format-lets-govt-buy-taxpayers-properties","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fbr-format-lets-govt-buy-taxpayers-properties.html","title":{"rendered":"New Wealth Statement format allows govt to acquire undervalued properties"},"content":{"rendered":"\n<p>Islamabad: The Federal Board of Revenue (FBR) is set to introduce a new wealth statement format, allowing the government to acquire properties that taxpayers undervalue in their declarations. According to sources, this change will require taxpayers to disclose not only the acquisition cost but also the Fair Market Value (FMV) of each asset they own.<\/p>\n\n\n\n<p><strong>Read: <\/strong><a href=\"https:\/\/www.zameen.com\/news\/fbr-sets-eye-on-2-8-mn-new-taxpayers.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn<\/a><\/p>\n\n\n\n<p>The move is part of the government&#8217;s broader effort to curb tax evasion, particularly related to real estate. By mandating the FMV disclosure, the FBR aims to capture the true worth of properties and assets, reflecting more accurately the increase in a taxpayer\u2019s wealth. Importantly, if a taxpayer under-reports the value of their property, the government will now have the option to purchase the asset at the declared value.<\/p>\n\n\n\n<p>Officials highlighted that this step is designed to address the widespread issue of taxpayers intentionally declaring lower property values to reduce their tax liabilities. By amending the laws, the FBR seeks to deter such practices by effectively turning low declarations into potential sales to the government.<\/p>\n\n\n\n<p>The new format, once implemented, is expected to significantly improve asset transparency and tax collection. &#8220;This will help in recognizing the true value of assets and ensure the government is not deprived of its rightful revenue,&#8221; one source said, adding that the initiative could be a game changer in tightening tax compliance.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-given-deadline-to-revise-valuation-of-immovable-properties.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR given deadline to revise valuation of immovable properties<\/a><\/p>\n\n\n\n<p>The wealth statement amendments are seen as a key part of the government\u2019s strategy to strengthen its fiscal base and improve revenue generation through more stringent enforcement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: The Federal Board of Revenue (FBR) is set to introduce a new wealth statement format, allowing the government to acquire properties that taxpayers undervalue in their declarations. According to sources, this change will require taxpayers to disclose not only the acquisition cost but also the Fair Market Value (FMV) of each asset they own. Read: FBR sets eye on 2.8 mn new taxpayers to increase revenue by 1.6 tn The move is part of the government&#8217;s broader effort to curb tax evasion, particularly related to real estate. By mandating the FMV disclosure, the FBR aims to capture the true worth of properties and assets, reflecting more accurately the increase in a taxpayer\u2019s wealth. Importantly, if a taxpayer under-reports the value of their property, the government will now have the option to purchase the asset at the declared value. Officials highlighted that this step is designed to address the widespread issue of taxpayers intentionally declaring lower property values to reduce their tax liabilities. By amending the laws, the FBR seeks to deter such practices by effectively turning low declarations into potential sales to the government. The new format, once implemented, is expected to significantly improve asset transparency and tax collection.&hellip;<\/p>\n","protected":false},"author":89,"featured_media":99068,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[59709,20111,59708,56222,59511,59710,54568],"persona":[],"class_list":{"0":"post-99835","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"tag-fair-market-value","9":"tag-immovable-properties","10":"tag-new-wealth-statement-format","11":"tag-news-and-updates","12":"tag-taxpayers","13":"tag-undervalued-properties-islambad","14":"tag-zameen-news","15":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FBR Format lets Govt Buy Taxpayers Properties - Zameen News<\/title>\n<meta name=\"description\" content=\"FBR introduces a new wealth statement format, allowing the government to purchase taxpayers&#039; properties if declared at low values.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fbr-format-lets-govt-buy-taxpayers-properties.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBR Format lets Govt Buy Taxpayers Properties - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FBR introduces a new wealth statement format, allowing the government to purchase taxpayers&#039; properties if declared at low values.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fbr-format-lets-govt-buy-taxpayers-properties.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; Pakistan Property News &amp; Latest Updates - Zameen News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/ZameenPK\" \/>\n<meta property=\"article:published_time\" content=\"2024-10-10T06:21:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-10T10:23:24+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news-cdn.zameen.com\/wp-content\/uploads\/2024\/09\/FBR_news-cover.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Sabahat Abid\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:site\" content=\"@ZameenProperty\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sabahat Abid\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBR Format lets Govt Buy Taxpayers Properties - Zameen News","description":"FBR introduces a new wealth statement format, allowing the government to purchase taxpayers' properties if declared at low values.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.zameen.com\/news\/fbr-format-lets-govt-buy-taxpayers-properties.html","og_locale":"en_US","og_type":"article","og_title":"FBR Format lets Govt Buy Taxpayers Properties - Zameen News","og_description":"FBR introduces a new wealth statement format, allowing the government to purchase taxpayers' properties if declared at low values.","og_url":"https:\/\/www.zameen.com\/news\/fbr-format-lets-govt-buy-taxpayers-properties.html","og_site_name":"Pakistan Real Estate News &amp; 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