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The federal government has withdrawn the controversial “Estimated Fair Market Value” column from this year’s income tax return forms, after recommendations from a high-level committee and approval by Prime Minister Shehbaz Sharif. The move comes as a relief to taxpayers who had raised concerns over the new requirement.
Earlier, the Federal Board of Revenue (FBR) had added this column in the IRIS tax system, asking filers to declare the market value of their movable and immovable assets. The decision quickly sparked criticism, with taxpayers and experts calling it unnecessary and complicated.
On Friday, September 26, a special committee led by Federal Law Minister Azam Nazeer Tarar reviewed the issue in detail. The panel, which included key federal ministers, the attorney general, finance secretary, and FBR officials, unanimously recommended removal of the column to ease the filing process. Prime Minister Shehbaz Sharif immediately approved the suggestion.
In a statement, the FBR clarified that the column was only meant for data collection for the Economic Survey and had no impact on tax liability. It has now been officially removed, though the update is yet to be reflected in the IRIS system. The FBR has urged citizens to submit their returns before the September 30 deadline.
