The Federal Board of Revenue (FBR) has removed the ‘estimated fair market value’ column from the Income Tax Return Form 2025 on the directions of Prime Minister Shehbaz Sharif. The decision aims to make tax filing simpler and more convenient for taxpayers.
According to details, the move follows recommendations from a high-powered committee formed by the Prime Minister. The committee was chaired by Federal Law Minister Senator Azam Nazeer Tarar and included key cabinet members and senior officials from the finance and revenue sectors.
The panel was tasked with reviewing the implications of the newly introduced column in the IRIS system. The column required taxpayers to declare the ‘estimated fair market value’ of their movable and immovable assets, a step that raised concerns about complexity and compliance.
After a detailed meeting on Friday, the committee advised removing the column to ease the process for filers. The Prime Minister approved the recommendation the same day.
Following his approval, the FBR officially withdrew the requirement. In its clarification, the authority explained that the column was originally introduced only for data collection to support the Economic Survey. It had no bearing on income assessment or tax liability.
FBR also reiterated its commitment to creating a taxpayer-friendly environment. The revenue body urged all eligible individuals to file returns on time and ensure accurate reporting before the September 30, 2025, deadline.
Officials emphasized that the removal of the ‘estimated fair market value’ column reflects the government’s focus on facilitating compliance and reducing unnecessary hurdles for citizens. By simplifying tax filing, the government hopes to encourage more people to become part of the tax net.
In other news read more about: FBR Makes Property Value Disclosure Mandatory in Tax Returns
