FBR removes controversial asset value column from tax return form

In a move aimed at easing the tax filing process, the Federal Board of Revenue (FBR) has removed the controversial “Estimated Fair Market Value” column from the Income Tax Return Form for Tax Year 2025. The decision follows directions issued by Prime Minister Muhammad Shehbaz Sharif, based on recommendations from a high-level government committee.

The column, which required taxpayers to declare the estimated market value of their moveable and immovable assets, had sparked concern among filers due to its complexity and potential implications. The Prime Minister responded by forming a committee, chaired by Federal Minister for Law Senator Azam Nazeer Tarar, to examine the matter in detail.

The committee included key government officials, including the Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, Special Assistant to the Prime Minister on Coordination (Office of the Deputy Prime Minister), Secretary Finance, Chairman FBR, and Member Customs of FBR.

After holding deliberations on Friday, September 26, the committee concluded that the column should be removed to simplify the filing process. The Prime Minister approved the recommendation and directed the FBR to take immediate action.

Following the directive, FBR has officially removed the column from the IRIS portal tax return form. The board clarified that the column was originally added for data collection purposes to support the Economic Survey and did not influence tax calculations or liabilities.

FBR reiterated its commitment to taxpayer facilitation and urged all eligible individuals and businesses to file their returns accurately and honestly before the September 30, 2025, deadline.