Following the recommendations of a high -level committee and the formal approval of Prime Minister Muhammad Sharif, the federal government has decided to eliminate the “estimated fair market value” column from this year’s income tax return forms.
The committee, chaired by Federal Prime Minister Nazir Tarar, was assigned to review the recent requirement of the Federal Board of Revenue (FBR) for taxpayers so that they could announce their viable and immovable assets in the IRIS tax return system.
The panel included Federal Ministers for Petroleum and Finance, Attorney General, Deputy Minister’s Office, Secretary of the Secretary, FBR Chairman, and SAPM for Member Customs, and Member Customs.
At the meeting on Friday, September 26, the committee fully examined the implications of the new column and, after detailed discussions, recommended facilitating the tax filing process and resolving concerns raised by taxpayers.
Prime Minister Shahbaz Sharif immediately approved the recommendation of the committee. In a statement, the FBR confirmed: “According to the honorable Prime Minister’s direction, and in view of the difficulties facing taxpayers, the column of ‘estimated fair market value’ has been removed from the income tax return.”
The FBR made it clear that the column was introduced to collect the data fully to support the economic survey and the assessment of income or tax was not affected.
Referring to the affiliation of taxpayers, the FBR called on all the eligible people to file their income tax declarations correctly and honestly before the deadline of September 30, 2025.