The Federal Board of Revenue (FBR) on Friday announced the removal of the “Estimated Fair Market Value” column from income tax return forms for 2025, following the approval of Prime Minister Shehbaz Sharif.
According to a statement, the prime minister had constituted a high-level committee headed by Federal Law Minister Senator Azam Nazeer Tarar to review the new requirement, which obliged tax filers to declare the estimated fair market value of their movable and immovable assets.
The committee, which included the federal minister for petroleum, the minister of state for finance, the attorney general, the SAPM on Coordination of the Deputy Prime Minister’s Office, the finance secretary, the FBR chairman and the Member Customs, held a meeting on Friday. After detailed deliberations, it recommended the removal of the column in order to simplify the tax filing process.
The recommendation was subsequently approved by the prime minister.
“In pursuance of the directions of the Honourable Prime Minister, and keeping in view the difficulties being faced by taxpayers, the column of ‘Estimated Fair Market Value’ has been removed from the Income Tax Return,” the FBR said.
It clarified that the column had been introduced only for data collection to support the Economic Survey, and had no impact on the assessment of income or tax liability.
The FBR reiterated its commitment to facilitate taxpayers and urged all eligible individuals to file their tax returns accurately and on time. The deadline for filing returns is Sept. 30, 2025.
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