The federal government is considering a new strategy to address the issue of underreported assets in taxpayer wealth statements by potentially acquiring properties declared at low values. According to sources, the Federal Board of Revenue (FBR) is planning to introduce a revised format for wealth statements, requiring taxpayers to disclose both the Fair Market Value and the acquisition cost of each asset.

This initiative aims to accurately reflect the true value of assets held by individuals and to capture the actual increase in a taxpayer’s assets over time. Additionally, this measure would allow the government to purchase assets at the declared value if it is deemed too low, thereby discouraging undervaluation.

Officials have noted that taxpayers often declare lower property values in their wealth statements to evade taxes. In response, the FBR is considering legal amendments that would enable the government to acquire properties from those who significantly undervalue their assets.