ISLAMABAD (Dunya News) – The Federal Board of Revenue (FBR) has made it compulsory for taxpayers to declare the market value of their assets in tax returns, just days before the filing deadline.
According to the change introduced in the IRIS return form, taxpayers will now have to provide details of the annual increase in the market value of their properties.
FBR clarified that no new SRO has been issued, but a fresh column was quietly added to the form on August 18.
The board explained that the move is aimed at building a reliable database to help shape better policies.
Officials stressed that declaring the market value of assets will not affect tax liability and no action will be taken against taxpayers on this basis.
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However, FBR has made it clear that taxpayers who have already filed their returns must re-submit them with the new column filled in. Without it, the form will be considered incomplete.
The deadline to file tax returns remains September 30.