FBR scraps asset market value column from tax returns

ISLAMABAD: The Federal Board of Revenue (FBR) has removed the column requiring taxpayers to declare the "estimated market value" of their assets from the income tax return form on the directions of Prime Minister Shehbaz Sharif forthe  facilitation of taxpayers. 

The prime minister constituted a committee, chaired by Federal Minister for Law Senator Azam Nazeer Tarar, to examine the new column introduced by FBR in the IRIS tax return requiring tax filers to declare the estimated fair market value of moveable and immovable assets, assess its implications for the tax filers, and recommend corrective measures or improvements, said a news release.

The committee comprised of the petroleum minister, state minister for finance, attorney general for Pakistan, SAPM on Coordination of Office of DPM, Secretary Finance, Chairman FBR, and Member Customs FBR.

After detailed deliberations in today's meeting, the committee recommended that the new column introduced in the IRIS tax return, requiring the declaration of estimated fair market value of moveable and immovable assets by the tax filer, may be removed in the interest of simplifying the tax filing process.

The committee’s recommendation was submitted to the Prime Minister, who has given his approval.

In pursuance of the directions of the premier, and keeping in view the difficulties being faced by taxpayers, the column of “Estimated Fair Market Value” has been removed from the Income Tax Return.

It is clarified that the said column had been introduced solely for the purpose of data collection to support the Economic Survey and had no bearing whatsoever on the assessment of income or tax liability.

"FBR remains committed to facilitate taxpayers in all possible ways," it said, urging all eligible taxpayers to file their Income Tax returns correctly and with honesty at the earliest as the deadline for filing is September 30, 2025.