In a move aimed at easing the tax filing process, the Federal Board of Revenue (FBR) on Friday removed the controversial “Estimated Fair Market Value” column from the Income Tax Return Form for Tax Year 2025, just days after it had made the submission mandatory for tax filers.
The decision was taken on the directions of Prime Minister Shehbaz Sharif, based on recommendations from a high-level government committee.
The contentious column had required taxpayers to declare the estimated market value of their moveable and immovable assets, sparking concern among filers due to its complexity and potential implications. Amidst the mounting controversy, the premier had formed a committee led by Law Minister Azam Nazeer Tarar to examine the matter in detail and suggest potential solutions.
Following its deliberations, the committee proposed removing the columns entirely to simplify the filing process. The prime minister approved this recommendation and directed the FBR to take immediate remedial action.
On the prime minister’s orders, the FBR has now officially removed the column from the IRIS portal tax return form. It has clarified that the column was originally added for data collection purposes to support the Economic Survey and was not aimed at influencing tax calculations or liabilities.
In a statement, the FBR has reiterated its commitment to taxpayer facilitation and urged all eligible individuals and businesses to file their returns accurately and honestly before the Sept. 30, 2025 deadline.