Wealth Statement in Pakistan: What to Declare and Common Mistakes

A wealth statement lists what you own and owe at the end of the tax year, and it must reconcile with the income and expenses you declare in your return.

What goes in

• Property, plots and rights in property
• Vehicles
• Bank balances, cash and investments
• Business capital and loans given
• Gold and jewellery
• Liabilities: loans, mortgages and amounts owed

The reconciliation

Opening net assets plus income, minus tax and expenses, should equal closing net assets. Gifts, inheritance and foreign remittances must be explained as sources if they fund an increase.

Common mistakes

• Leaving out assets held in a spouse’s or child’s name when they belong in your declaration
• Valuing property inconsistently from year to year
• Not declaring gold or cash at the right amount
• No proof for loans or gifts received
• Expenses that do not match your lifestyle or bank data

FBR matches your return against bank, property and vehicle data, so the statement should be consistent with it. If a notice has arrived, read what to do when you receive an FBR notice or talk to us.