In a major u-turn, the Federal Board of Revenue (FBR) has removed the column of “Estimated Fair Market Value” has been removed from the Income Tax Return.
In a statement, FBR said Prime Minister Shehbaz Shareef constituted a committee, chaired by the Federal Minister for Law Senator Azam Nazeer Tarar to examine the new column introduced by FBR in the IRIS tax return requiring tax filers to declare the estimated fair market value of moveable and immovable assets, assess its implications for the tax filers, and recommend corrective measures or improvements.
After detailed deliberations, the Committee recommended that the new column introduced in the IRIS tax return, requiring the declaration of estimated fair market value of moveable and immovable assets by the tax filer, may be removed in the interest of simplifying the tax filing process.
The recommendation was submitted to the prime minister who approved the recommendation of the committee.
In pursuance of the directions of the premier, 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.
FBR added that the said column had been introduced solely for the purpose of data collection to support the Economic Survey and had no bearing whatsoever on the assessment of income or tax liability.
FBR remains committed to facilitate taxpayers in all possible ways and urges all eligible taxpayers to file their Income Tax returns correctly and with honesty at the earliest as the deadline for filing is 30th September, 2025, it added.
