KARACHI – A little sigh of relief for taxpayers, as the government officially removed controversial “Estimated Fair Market Value” column from this year’s income tax return forms.
The decision comes after recommendation from high-level committee and swift approval by Prime Minister Muhammad Shehbaz Sharif. The review panel, led by Federal Law Minister Senator Azam Nazeer Tarar, had been tasked with evaluating the FBR’s recent mandate requiring taxpayers to declare the market value of their movable and immovable assets through the IRIS system.
The committee’s members included key figures such as the ministers for petroleum and finance, the attorney general, the SAPM on Coordination in the Deputy Prime Minister’s Office, the finance secretary, the FBR chairman, and the Member Customs.
The committee meticulously examined new requirement and concluded that it created unnecessary complications for taxpayers, and unanimously recommended removing column to simplify filing process address public concerns.
Prime Minister Shehbaz Sharif quickly endorsed recommendation, prompting FBR to issue an official statement: “In line with the directions of the Honorable Prime Minister, and keeping in view the difficulties faced by taxpayers, the ‘Estimated Fair Market Value’ column has been removed from the Income Tax Return.”
FBR also clarified that the column had been introduced solely for data collection to aid the Economic Survey and did not affect the calculation of income or tax liability.
Reiterating its focus on taxpayer facilitation, FBR urged all eligible individuals to file their returns honestly and on time, ahead of the September 30, 2025 deadline, ensuring compliance while easing the burden on citizens.
