ISLAMABAD: 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 Muhammad Shehbaz Sharif, in a move aimed at facilitating taxpayers.
As per details the decision follows the recommendations of a high-powered committee constituted by the Prime Minister and chaired by Federal Minister for Law Senator Azam Nazeer Tarar. The committee was tasked with examining the implications of the new column introduced in the IRIS system, which required taxpayers to declare the estimated market value of their movable and immovable assets.
The committee included the Federal Minister for Petroleum, Minister of State for Finance, the Attorney General for Pakistan, the SAPM on Coordination of the Deputy Prime Minister’s Office, the Secretary Finance, Chairman FBR, and Member Customs FBR.
After detailed deliberations during its meeting on Friday, the committee recommended removal of the column in order to simplify the return filing process. The Prime Minister approved the recommendation the same day.
In compliance with his directions, FBR has now withdrawn the requirement. It clarified that the column had been introduced purely for data collection to support the Economic Survey and had no impact on the determination of income or tax liability.
FBR reiterated its commitment to facilitate taxpayers and urged all eligible individuals to file their returns accurately and honestly before the deadline of September 30, 2025.
