FBR removes ‘Estimated Fair Market Value’ column from Income Tax Return

September 29, 2025 (MLN): The Federal Board of Revenue (FBR) has removed the controversial column on “Estimated Fair Market Value” of moveable and immovable assets from the Income Tax Return form 2025 on the directions of Prime Minister Muhammad Shehbaz Sharif to facilitate taxpayers, said a press release issued.

The decision came after the Prime Minister constituted a high-level committee, chaired by Federal Minister for Law Senator Azam Nazeer Tarar, to review the newly introduced column in the IRIS tax return system.

The committee, which included the Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, SAPM on Coordination of the Deputy PM’s Office, Secretary Finance, Chairman FBR, and Member Customs FBR, met on Friday to examine the implications for tax filers.

Following detailed deliberations, the committee recommended removal of the column in order to simplify the filing process. The Prime Minister subsequently approved the recommendation.

FBR clarified that the column was introduced solely for data collection purposes to support the Economic Survey and carried no impact on the assessment of income or tax liability.

Reaffirming its commitment to taxpayer facilitation, FBR urged all eligible individuals to file their returns accurately and honestly before the September 30 deadline.

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