The Finance Bill 2024 has granted the Commissioner of the Federal Board of Revenue (FBR) the authority to direct any individual to provide a statement of their wealth, including details of their foreign assets.
A tax expert explained that the Commissioner now has the power to require any individual to submit a wealth statement in a prescribed format, disclosing particulars of their assets and liabilities. The Finance Bill 2024 has proposed that the wealth statement must include details of foreign assets held by the individual.
Additionally, the new Bill seeks to expand the scope of the best judgment assessment under section 121 of the Ordinance. This amendment will now encompass cases where an individual or entity is directed to file an income tax return following the discontinuation of their business operations. The goal of this change is to ensure that tax obligations are accurately assessed and fulfilled, even in situations where a business has ceased to operate, thereby maintaining compliance and accountability within the tax system.
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