The Federal Board of Revenue (FBR) has announced the removal of the “Estimated Fair Market Value” column from the Income Tax Return Form 2025 following the directions of Prime Minister Muhammad Shehbaz Sharif.
The decision comes after concerns raised by taxpayers regarding the newly introduced requirement in IRIS, which asked filers to declare the estimated fair market value of moveable and immovable assets. To address these concerns, the Prime Minister constituted a high-level Committee chaired by Federal Minister for Law Senator Azam Nazeer Tarar.
The Committee included the Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, Special Assistant to the Prime Minister on Coordination, Secretary Finance, Chairman FBR, and Member Customs FBR. After detailed deliberations in its meeting on Friday, the Committee recommended that the new column be removed to simplify the return filing process.
The Prime Minister approved the recommendation, directing FBR to immediately remove the column. Acting upon these instructions, FBR confirmed that the requirement has been withdrawn with immediate effect.
The tax authority further clarified that the column was introduced only for data collection purposes to aid the Economic Survey and had no impact on the calculation of income or tax liability.
Reaffirming its commitment to taxpayer facilitation, FBR urged all eligible individuals to file their income tax returns accurately and honestly before the September 30, 2025 deadline.
