KARACHI: The Karachi Tax Bar Association (KTBA) in its recent move has presented a proposal to the Federal Board of Revenue (FBR) regarding the “Wealth Statement Form”.
The proposal pertaining Agricultural land and other property requested that the wealth statement form should be simple for taxpayers and practitioners so that they could communicate in better way for required information adding that in previous form most of required fields were neither not familiar nor available in some of the provinces and cities of Pakistan.
It further stated that the limit for filing the Wealth Statement for FY 2014-15 should also be made public to avoid any confusion and Balance Sheet should not be the part of Wealth Statement.
The required fields related to Investment details, product and acquisition date should also not include in the return as most taxpayers do not fill those fields.
Further, it was said that information about Debt (non-business), debtor’s name, precious possession, date and code were also not provided by applicants so would not there in the form.
For Household effects, the old information of furniture and fixtures should be retained but questions about Cash in hand or at Bank would be excluded.
The KTBA further proposed that there has been no need to provide the personal expenditure in the wealth statement as the same were already part of the return of income.
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