PM Drops Asset Value Column from Tax Returns
PM Approves Removal of New Asset Value Column from Tax Returns
Islamabad – The Prime Minister has approved the removal of a new column in the IRIS income tax return that required taxpayers to declare the estimated fair market value of their moveable and immovable assets.
A committee, headed by Federal Minister for Law Senator Azam Nazeer Tarar, was formed to review the column, assess its impact on taxpayers, and suggest improvements. The panel included the Federal Minister for Petroleum, Minister of State for Finance, Attorney General for Pakistan, SAPM on Coordination of the Office of the Deputy Prime Minister, Secretary Finance, Chairman FBR, and Member Customs FBR.
After a detailed meeting on Friday, 26 September, the committee recommended eliminating the column to simplify the tax filing process. The Prime Minister approved the recommendation.
According to the Federal Board of Revenue (FBR), the column had been introduced only for data collection to support the Economic Survey and did not affect income assessment or tax liability.
FBR emphasized its commitment to making tax filing easier and urged all eligible taxpayers to file their returns honestly before the 30 September 2025 deadline.
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