The Federal Board of Revenue (FBR) has introduced a new “Electronic Foreign Income and Assets Declaration for Resident Individuals” for tax year 2025. This initiative aims to streamline the reporting of offshore incomes and assets by Pakistani residents through the IRIS system.
Separate Return for Non-Residents
Alongside this, FBR has also rolled out a separate form titled “Electronic Return for Non-Resident Having No Source of Income in Pakistan” to facilitate non-residents who are required to file returns despite not earning locally.
SRO Notifications Issued
The changes have been formally notified through SRO 1562(I)/2025, issued on Monday. Additionally, SRO 1561(I)/2025 has been published to confirm the Simplified Electronic Return for Individuals. Both notifications amend the Income Tax Rules, 2002, and take effect for the current tax year.
Expanded Return Categories
According to the notifications, FBR has also finalized electronic return formats for:
- Companies
- Associations of Persons (AOPs)
- Manufacturers
- Traders
- Small and Medium Enterprises (SMEs)
These are now available for electronic filing on the IRIS portal.
Clarification on Return Changes
The FBR has clarified that any subsequent updates or modifications made to the electronic return forms on IRIS will be considered as having always been part of the system. However, taxpayers who have already filed their returns prior to such changes will not be adversely affected.
Effective from Tax Year 2025
The new system will apply to all returns filed for Tax Year 2025, marking a significant step in digital compliance and aligning tax procedures with international reporting standards.
