Many taxpayers in Pakistan wonder: “Am I required to pay wealth tax?” Let’s clarify.
Though there’s no direct “wealth tax” in Pakistan currently, the Wealth Statement (Form 116) is mandatory for taxpayers to declare their assets and justify their income — especially if you wish to appear on the Active Taxpayer List (ATL).
What Is Wealth Statement?
A wealth statement is a yearly declaration of:
Movable assets (cash, vehicles, stocks, gold, etc.)
Immovable assets (property, land)
Liabilities (loans)
Net assets growth vs. income
FBR uses this to compare your income and asset growth — and issues notices if there’s a mismatch.
Who Must Submit Wealth Statement?
Anyone earning taxable income
Business owners & salaried persons filing tax
Individuals buying/selling property
Persons receiving FBR notices under Section 116(1)
👉 File tax & stay ATL listed
Is There a Tax on Wealth?
There’s no separate “wealth tax”, but:
Unjustified increase in assets may result in FBR audits
Undeclared wealth may be taxed as unexplained income
How FilerNow Helps You
Asset-debt matching
Filing Form 116 accurately
Avoiding tax mismatch penalties
Expert support for ATL & refunds
Frequently Asked Questions
Filing a Wealth Statement with FBR ensures that your assets, liabilities, and expenses are properly declared. It helps you stay on the Active Taxpayers List (ATL) and protects you from FBR penalties and notices.
🔗 Learn more about Tax Return Filing
You may face:
• Penalties from FBR
• Removal from ATL
• Difficulty in getting bank loans or visas
🔗 How to handle FBR Notices
Yes! Even if you don’t have significant assets, you can file a NIL wealth statement. It’s still required to maintain your filer status and avoid issues in banking or travel.
🔗 Check ATL Status
Absolutely! Anyone buying or selling property in Pakistan is expected to declare assets and show their Wealth Statement to avoid FBR scrutiny.
🔗 Need help with Property Tax?
FilerNow handles the entire process — from collecting your details, preparing your Wealth Statement, and submitting it to FBR.
✅ Quick processing
✅ Expert support
✅ 100% online
🔗 Register to file now