Records of property and assets of a person should be declared for certain reasons. This is important to assess the extent of one's wealth. This information is used by the government to assess the tax that you are bound to pay regularly. This data is relevant for tax payers to declare in all honesty. Some tax payers tend to fake the real amount of their total income and assets because the more properties and income that they produce, the greater will be the percentage of the tax that they are due to pay. This is violation of tax rules and regulations and one can be subjected for a penalty if not imprisonment.
For some institutions, the overall assessment includes declaration of assets is also required. It is done in order to monitor and prevent possibilities of graft and corruption practices. If someone is having a suspicious amount of income that is produced for his own considering the amount of salary one only receives, this can be a subject for investigation. It is also one of the processes that every government official undergoes as a monitoring ground of anti-graft and corruption practices bill in any government institution.