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Government Drops ‘Fair Market Value’ Column from Tax Forms
The Federal Board of Revenue (FBR) has officially removed the “Estimated Fair Market Value” column from this year’s income tax return forms. The decision follows recommendations made by a high-level review committee and received swift approval from Prime Minister Muhammad Shehbaz Sharif.
High-Level Committee Review
The committee, chaired by Federal Law Minister Senator Azam Nazeer Tarar, was formed to assess the implications of the FBR’s recent requirement for taxpayers to declare the market value of their movable and immovable assets in the IRIS tax system. Senior officials, including the federal ministers for finance and petroleum, the attorney general, and FBR leadership, participated in the review meeting held on September 26.
Decision to Ease Tax Filing Process
After detailed discussions, the committee recommended removing the column to simplify tax filing and address concerns raised by taxpayers. Prime Minister Shehbaz Sharif promptly approved the recommendation, directing the FBR to implement the change without delay.
FBR Clarifies Purpose of the Column
In its statement, the FBR clarified that the column had originally been introduced for data collection purposes to support the Economic Survey. It emphasized that the information would not have impacted income assessments or tax liabilities, reaffirming its commitment to making the tax filing process easier and more transparent.
Ata Ur Rahmen