Govt May Buy Properties Declared Below Market Prices in Tax Returns

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.