Wealth Statement, Foreign Income and Asset Statement

Question 1

Who is required to file a foreign income and asset statement?

Answer 1

Resident taxpayer being individual having:

• Foreign income > 10,000 USD
• Foreign Assets > 100,000 USD

shall furnish a statement

• in prescribed formed
• verified in prescribed manner

Question 2

Until when can be wealth statement rectified (2)

Answer 2

Before receipt of notice by CIR, with reasons for rectification.

If there is an error in Wealth Statement, maximum 5 YEARS available to rectify that mistake (from date of filing)

Question 3

State the particulars to be included in wealth statement

Answer 3

1. person’s total assets and liabilities
2. total assets and liabilities of the person’s spouse, minor children, and other dependents
3. assets transferred by the person to any other person
4. total expenditures incurred by the person, and the person’s spouse, minor children, and other
   dependents
5. reconciliation statement of wealth.

Question 3

State the particulars to be included in Foreign Income and Assets statement

Answer 3

1. total foreign assets and liabilities
2. foreign assets transferred by the person to any other person and consideration
3. Complete particulars of foreign income, the expenditure derived