FBR Reverses Property Declaration Requirement in Income Tax Returns. The Federal Board of Revenue (FBR) has decided to remove the “Estimated Fair Market Value” column from this year’s income tax return forms. This decision comes after recommendations by a high-level committee and formal approval by Prime Minister Muhammad Shehbaz Sharif.
The removal simplifies the tax filing process for taxpayers and addresses concerns about the previous requirement to declare the estimated market value of movable and immovable assets.
Committee Review and Recommendations
A special committee, chaired by Federal Law Minister Senator Azam Nazeer Tarar, reviewed the FBR’s earlier mandate that taxpayers declare estimated property values in the IRIS tax return system.
The committee also included:
- Federal Ministers for Petroleum and Finance
- Attorney General of Pakistan
- SAPM on Coordination of the Deputy Prime Minister’s Office
- Finance Secretary
- FBR Chairman
- Member Customs
During a meeting on Friday, September 26, 2025, the panel evaluated the implications of including the Estimated Fair Market Value column. After detailed discussions, the committee recommended its removal to make the tax filing process easier and more taxpayer-friendly.
Prime Minister Approves Recommendation
Prime Minister Shehbaz Sharif promptly approved the committee’s recommendation. Following this, the FBR issued an official statement:
“In pursuance of the directions of the Honorable 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.”
The FBR clarified that the column was only introduced for data collection to support the Economic Survey and did not affect the assessment of income or tax liability.
Taxpayer Guidance
The FBR emphasized its continued commitment to facilitating taxpayers. It urged all eligible individuals to:
- File income tax returns accurately and honestly
- Submit returns before the September 30, 2025 deadline
This move ensures taxpayers can file returns without the additional burden of estimating property values, making compliance simpler and more efficient.
Key Points at a Glance
| Feature | Details |
|---|---|
| Removed Column | Estimated Fair Market Value |
| Purpose of Column | Only for data collection for Economic Survey |
| Tax Liability | Not affected by this column |
| Approval | Prime Minister Shehbaz Sharif |
| Filing Deadline | September 30, 2025 |
| FBR Statement | Taxpayers should file returns accurately and honestly |
Conclusion
The FBR’s decision to remove the Estimated Fair Market Value column reflects its focus on taxpayer facilitation and simplifying the income tax filing process. Taxpayers can now submit their returns with ease, avoiding unnecessary complications while remaining compliant with Pakistan’s tax laws.
