The Federal Board of Revenue (FBR) has once again drawn criticism from taxpayers after introducing significant changes to the Income Tax Return and Wealth Statement forms for Tax Year 2025–26, just days before the filing deadline.
Important Update: FBR Removes Estimated Market Value Column Amid Ongoing Confusion
According to the updated system, taxpayers are now required to provide separate entries for property and business assets and disclose the Estimated Current Market Value (ECMV) of all assets. Furthermore, the Wealth Statement has been redesigned to make it mandatory for every asset to be declared individually, a requirement that has added complexity for ordinary filers and small business owners.
In addition to content changes, the portal now features an updated PSID and calculation interface, which, while modern in design, has left many users confused due to lack of prior notice or training material.
Tax experts argue that last-minute updates create unnecessary pressure for individuals who have already spent weeks preparing their returns based on the old format. “Most taxpayers are willing to comply with FBR requirements, but sudden system changes close to the deadline make the process frustrating and error-prone,” a tax consultant told TaxationPk.
Stakeholders have urged the FBR to introduce such reforms well before deadlines, allowing adequate time for both taxpayers and professionals to adjust. While the tax authority aims to improve transparency and broaden the documentation net, the timing of these updates has been widely criticized as counterproductive.
