And Assets of Imran Khan are...

[yazdi]

Re: And Assets of Imran Khan are…

@kakaballi

He also said in the same programme that if anyone wants to audit his assets, he/she is most welcome and he can provide all details of all assets with banking trails.

Now, repeat with me: “It is NOT ALLOWED by PAKISTANI TAX LAW to declare your assets AT MARKET VALUE in the wealth statement”.

Showing your assets at lower cost (or zero cost) in wealth statement would actually hit you bad if capital gains tax is introduced and you sell your assets because the difference between sale price and cost (capital gain) would be much greater, unless u NEVER declare those assets (which our leaders do) and sell them with another name.

Very valid point.. If in future capital gain tax is introduced.. everyone will have to pay huge amounts on the gains from the actual purchase price. It’s only a matter of time when this tax is introduced..

I received a gift from my father some shares in a company he formed some 40 years ago. I declare the valuation of these shares at original purchase price paid by my father as required by the law. In future when capital gain tax is introduced and if I decide to sell these shares, I’ll face a huge capital gain tax. I would like to declare these shares at present value to avoid this huge tax liability.. but I am not allowed to do so under present tax regime/laws..