Government makes wealth reveal mandatory for big financial transactions.
In a major policy shift aimed at cracking down on tax evasion and expanding the tax net, the federal government has made it mandatory for individuals to file income tax returns and wealth statements to carry out large-scale financial transactions as part of the Budget 2025-26.
According to the new measures, only those who submit their returns and reveal assets via the FBR portal will be allowed to engage in big-ticket purchases—such as vehicles, property, securities, mutual fund investments, and even opening certain bank accounts.
The Finance Ministry stated that the move is designed to eliminate the gap between filers and non-filers, tightening the noose around undocumented wealth and untraceable transactions.
Individuals will now be required to provide documentary evidence for all sources of wealth—including gifts, loans, and inherited assets—as a precondition for financial freedom.
The government emphasised that these requirements will not target honest taxpayers, who will continue to enjoy access to financial services if they comply with the updated disclosure norms.
To enhance compliance and improve enforcement, the Federal Board of Revenue (FBR) has been given the authority to hire external auditors, either on contract or through third parties.
These auditors will assist in identifying tax evasion and bringing new individuals into the tax net.
