The Federal Board of Revenue (FBR) can now require individuals to submit detailed wealth statements for Tax Year 2027. The period covers July 1, 2026, to June 30, 2027. Section 116 of the Income Tax Ordinance, 2001, gives the Commissioner this authority. The Commissioner can issue a written notice that sets the form, manner, and deadline for an FBR wealth statement.

The statement can cover total assets and liabilities, including foreign ones, on the dates the notice specifies. Moreover, it can include the assets and liabilities of the taxpayer’s spouse, minor children, and other dependants. However, the spouse’s assets count only if the spouse depends on the taxpayer.

The FBR can also ask for details of assets, including foreign assets, that the taxpayer transferred to another person during the specified period. It can request the consideration received as well. Furthermore, the notice can seek details of expenditures by the taxpayer, spouse, minor children, and dependants.

Section 116 also covers routine filers. Every resident individual who files an income tax return must attach a wealth statement and a wealth reconciliation statement. Members of an association of persons must do the same with the association’s return.

Taxpayers who spot an omission or an error can file a revised wealth statement and reconciliation statement. They must give reasons and file before they receive a notice under Section 122(9). However, the Commissioner can declare a revision void if it does not correct a genuine omission or error. The taxpayer still gets a hearing first.

The law also limits revisions. A taxpayer cannot revise a wealth statement after five years from the due date for filing the return for the relevant tax year.

Therefore, the provisions give the FBR a way to seek detailed information on domestic and foreign assets, liabilities, and expenditures. The FBR wealth statement for Tax Year 2027 therefore sits at the center of that process. Taxpayers should therefore keep clear records ready for any notice.