Islamabad: The Federal Board of Revenue (FBR) has clarified that taxpayers can declare the market value of their movable and immovable assets at their own discretion in tax returns for 2025, without the need for formal valuation or supporting documents.
The clarification came in response to misinformation circulating on social media regarding alleged amendments to the income tax return form. FBR stressed that no statutory regulatory order (SRO) has been issued in this regard.
However, the flexibility does not apply to high-net-worth individuals, who remain subject to stricter reporting requirements under Section 7E of the Income Tax Ordinance 2001.
The board noted that some taxpayers had entered zero in the asset valuation column of the return form, prompting concerns over compliance. To address this, the FBR has now restricted zero entries in the system. “All taxpayers are now required to declare the value of their assets,” FBR Chairman Rashid Mahmood Langrial said, adding that this is only a technical adjustment and not a change in law.
The FBR further explained that asset valuation data — except in cases involving high-net-worth individuals — is not used for calculating tax liability. Therefore, inaccuracies in the field will not result in tax notices. Taxpayers have nonetheless been urged to declare values aligned with market conditions for transparency.
The statement also confirmed that taxpayers who have already filed their returns do not need to revise or refile them. The IRIS system, FBR added, is fully operational, with a filing deadline of September 30.
Meanwhile, the Pakistan Tax Bar Association and Karachi Tax Bar Association have requested Finance Minister Muhammad Aurangzeb to look into technical issues affecting filings and have sought an extension of the deadline to facilitate taxpayers.
Samra Zulfiqar, a real estate analyst at Zameen.com, is passionate about finding projects that offer buyers the best returns. Her keen insights spotlight the market’s most promising opportunities.
