The Federal Board of Revenue (FBR) has released an official clarification regarding recent concerns about changes made to the 2025 income tax return form. With the filing deadline approaching on September 30, reports of a new column in the return form created unease among taxpayers, raising questions about whether they would need to re-file their returns.
According to the FBR, no new Statutory Regulatory Order (SRO) has been issued in relation to the changes. The new column, which requires taxpayers to provide the market value of their assets, was added to the IRIS return form on August 18. The revenue authority clarified that the inclusion of this column is not intended to alter tax liability but rather to help collect reliable data that can inform future policymaking.
The FBR explained that the column for declaring market value had always been a part of the return form, specifically on page 66. However, many taxpayers were previously entering zero in the field, which undermined the purpose of gathering accurate data. To address this, the system has now been adjusted to ensure taxpayers provide more meaningful information.
In its statement, the FBR emphasized that the declaration of asset market values will not affect tax calculations and will not be used as a basis for initiating proceedings against any taxpayer. Furthermore, it clarified that no notices will be issued for errors in reporting market values, and individuals who have already filed their returns will not be asked to re-file.
The tax authority further explained that providing asset valuations is entirely at the discretion of taxpayers. The intention behind this data collection is to obtain estimates close to actual market values, without imposing any additional obligations or financial impact on taxpayers. The FBR highlighted that high-net-worth individuals are already required to submit details of their assets under Section 7E, while other taxpayers are only expected to provide approximate figures.
Reassuring taxpayers, the FBR underscored that the disclosed values will not be used for reconciliation of wealth statements nor will they influence tax liabilities in any way. The objective is limited to ensuring data integrity and improving the government’s capacity to make informed decisions for policy reforms in the taxation system.
This clarification aims to ease concerns among taxpayers who feared the sudden change might complicate their filing process so close to the deadline. By reaffirming that no new legal directive has been issued and no penalties will arise from this requirement, the FBR is seeking to build confidence in the transparency and intent of the system.
As the September 30 deadline draws near, the FBR is urging taxpayers to file their returns without delay, while assuring them that the recent adjustments are designed purely for informational purposes and not for enforcement.
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