The federal government has withdrawn the requirement for taxpayers to declare the “Estimated Fair Market Value” of their assets in income tax return forms, following recommendations from a high-level committee and approval by Prime Minister Shehbaz Sharif.
The committee, led by Federal Law Minister Senator Azam Nazeer Tarar, included the ministers for petroleum and finance, the attorney general, the finance secretary, the FBR chairman, and other officials. After reviewing the matter in detail during a meeting on September 26, the panel advised removing the column to ease the filing process and address public concerns.
In a statement, the Federal Board of Revenue (FBR) confirmed the change, noting that the column had been added only for statistical purposes related to the Economic Survey, with no impact on tax liability or assessments.
The FBR reiterated its commitment to taxpayer facilitation and urged individuals to file their returns truthfully before the September 30, 2025 deadline.
