ISLAMABAD – The Federal Board of Revenue (FBR) has introduced a major change in tax filing rules for the 2025 tax year, requiring all filers to declare the fair market value of their immovable properties — whether recently purchased, sold, or already owned — starting July 1, 2025.
Under SRO 1213(I)/2025, issued on July 7, the FBR has updated the draft return form, introducing a new section that obligates taxpayers to manually input fair market values and related property details. This applies even if the system has already auto-filled previous data from earlier declarations.
🏠 What does this mean for taxpayers?
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All filers who own property (plots, houses, apartments, commercial units, etc.) must now re-enter the full details, including the current market value, during the return submission.
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This requirement applies to properties that are owned, bought, or sold.
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Failure to enter complete and correct property details may result in your return being marked as invalid.
🔎 Why the change?
The move is part of the FBR’s broader push for:
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Increased transparency
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Curbing underreporting of property values
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Ensuring tax assessments align more closely with actual market values
Tax professionals believe this will impact high-net-worth individuals and real estate investors the most, particularly those who previously benefited from low valuation declarations.
Filers are advised to review their past property declarations, consult their tax advisors, and gather updated market valuations to avoid penalties or rejection of their tax returns.
