The Federal Board of Revenue has removed the “estimated fair market value” column from the 2025 income tax return form following directions from Prime Minister Shehbaz Sharif to ease the filing process.
A committee led by Federal Law Minister Senator Azam Nazeer Tarar was formed by the prime minister to review the column, which required filers to declare the estimated market value of their movable and immovable assets.
Members included the federal petroleum minister, minister of state for finance, attorney general, secretary finance, FBR chairman and senior officials.
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After meeting on September 26, the committee recommended dropping the column to simplify tax returns. The prime minister approved the recommendation, prompting the Federal Board of Revenue (FBR) to remove the requirement.
The FBR clarified that the column had been introduced only for data collection to support the Economic Survey and had no impact on income assessment or tax liability.
Taxpayers are urged to file accurate returns before the September 30, 2025, deadline.
Earlier, FBR clarified misleading social media claims, stating the requirement was part of the original return form notified on July 7. Officials noted that many filers had entered ‘0’ as the asset value, a practice that was later restricted.
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Crucially, the FBR confirmed that taxpayers who have already filed their returns will not need to re-file them, as the asset value entries will be disregarded for tax purposes. No tax notices will be issued for errors in that specific column.
The board urges all eligible citizens to file their returns before the deadline of September 30, 2025.
