Lahore 22°C
Foreign income and assets statement
(1) Every resident taxpayer being an individual having foreign income of not less than ten thousand United States dollars or having foreign assets with a value of not less than one hundred thousand United States dollars shall furnish a statement, hereinafter referred to as the foreign income and assets statement, in the prescribed form and verified in the prescribed manner giving particulars of—
(a) the person’s total foreign assets and liabilities as on the last day of the tax year;
(b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and (c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.
(2) The Commissioner may by a notice in writing require any person being an individual who, in the opinion of the Commissioner on the basis of reasons to be recorded in writing, was required to furnish a foreign income and assets statement under sub-section (1) but who has failed to do so to furnish the foreign income and assets statement on the date specified in the notice.
(a) the person’s total foreign assets and liabilities as on the last day of the tax year;
(b) any foreign assets transferred by the person to any other person during the tax year and the consideration for the said transfer; and (c) complete particulars of foreign income, the expenditure derived during the tax year and the expenditure wholly and necessarily for the purposes of deriving the said income.
(2) The Commissioner may by a notice in writing require any person being an individual who, in the opinion of the Commissioner on the basis of reasons to be recorded in writing, was required to furnish a foreign income and assets statement under sub-section (1) but who has failed to do so to furnish the foreign income and assets statement on the date specified in the notice.
Amendment history (9)
- Added by the Finance Act, 2003.
- Inserted by the Finance Act, 2013.
- The expressions inserted through Finance Act, 2020 dated 30 June, 2020
- sub-section (4) of section 122”substituted by the Finance Act, 2017.
- Full stop substituted by colon and provision and explanation inserted through Finance Act, 2020
- Sub section (4) omitted through Finance Act, 2020 dated 30 June 2020 omitted sub-section read
- Inserted by the Finance Act 2018.
- The word ‘or” ssubstituted by Finance Act, 2018.
- Inserted by the Finance Act, 2018.
Amendment notes captured from the source page(s); they may include changes to neighbouring provisions.
Source FBR PDF page 236
Unofficial reference, compiled from the FBR’s consolidated Income Tax Ordinance 2001 (amended up to 30 June 2026). Provided for general information only — not an official FBR publication and not legal or tax advice. Always verify against the official FBR text before relying on it for filing or any decision.