Wealth statement filing
A wealth statement lists what you own and owe at the end of the tax year: property, vehicles, bank balances, investments and loans. It has to agree with your income and spending, or FBR can ask where the difference came from.
Who this is for
- Every resident individual who files an income tax return
- People who bought or sold property or a vehicle during the year
- Anyone who received an FBR notice about unexplained assets
What we need from you
- Last year's wealth statement, if you filed one
- Property documents and purchase prices
- Vehicle registration details
- Year-end bank balances and investment statements
- Loans you took or gave
What's included
- Wealth statement prepared from your documents
- Wealth reconciliation against your declared income
- Review by a consultant before submission
- Corrections to prior-year statements where needed
Common questions
- Who has to file a wealth statement?
- Every resident individual who files an income tax return must file a wealth statement with it, whatever their income (section 116). Non-residents file one only if FBR asks for it.
- What happens if my wealth statement does not match my income?
- FBR can ask you to explain the increase in your wealth. We reconcile the figures before filing so gifts, inheritance, loans and savings are shown correctly.