The federal government has decided to remove the “Estimated Fair Market Value” column from this year’s income tax return forms, following recommendations from a high-level committee and formal approval by Prime Minister Muhammad Shehbaz Sharif.

The committee, chaired by Federal Law Minister Senator Azam Nazeer Tarar, was tasked with reviewing the Federal Board of Revenue’s (FBR) recent requirement for taxpayers to declare the estimated market value of their movable and immovable assets in the IRIS tax return system. The panel included the federal ministers for petroleum and 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.

Meeting on Friday, September 26, the committee thoroughly examined the implications of the new column and, after detailed discussions, recommended its removal to simplify the tax filing process and address concerns raised by taxpayers.

Prime Minister Shehbaz Sharif promptly approved the committee’s recommendation. In a statement, the FBR confirmed: “In pursuance of the directions of the Honorable 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 clarified that the column was introduced solely for data collection to support the Economic Survey and had no impact on the assessment of income or tax liability.

Reaffirming its commitment to taxpayer facilitation, the FBR urged all eligible individuals to file their income tax returns accurately and honestly before the September 30, 2025 deadline.

At the time of filing this report, the Federal Board of Revenue had yet to implement the update in the IRIS tax return system.