ISLAMABAD: The Federal Board of Revenue (FBR) removed the ‘estimated market value column’ from income tax return form 2025 on the directions of the Prime Minister of Pakistan for the facilitation of taxpayers.
The prime minister constituted a committee, chaired by the 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 Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, SAPM on Coordination of Office of DPM, Secretary Finance, Chairman FBR, and Member Customs FBR.
The Committee held a meeting on Friday, 26 September. After detailed deliberations, the Committee recommended that the new column introduced in the IRIS tax return, requiring the declaration of the 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 recommendation was submitted to the Prime Minister. The Prime Minister has approved the recommendation of the Committee.
In pursuance of the directions of the Prime Minister, 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 facilitating taxpayers in all possible ways and urges all eligible taxpayers to file their Income Tax returns correctly and with honesty at the earliest, as the deadline for filing is 30th September, 2025.
