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The Federal Board of Revenue (FBR) has made property value declaration in tax returns compulsory for the tax year 2025, requiring taxpayers to report immovable assets starting July 1.
According to a draft return form issued via SRO 1213(I)/2025 dated July 7, 2025, all taxpayers must manually enter details of their immovable properties in tax returns, even if the system auto-fills previous records. This rule applies to all immovable assets including plots, houses, apartments, and commercial units.
The FBR stressed that accurate and complete property declaration in tax returns is crucial for compliance. Taxpayers are required to re-enter the fair market value and relevant details of each property to avoid their returns being considered invalid.
This new requirement aims to improve transparency and ensure precise reporting of immovable properties owned by individuals. Taxpayers are urged to carefully verify and update their property information when filing their tax returns for the 2025 tax year.
