FBR Introduces Mandatory Market Value Disclosure in Income Tax Returns

ISLAMABAD: The Federal Board of Revenue (FBR) has implemented major changes to the income tax return form on its online IRIS portal, now requiring taxpayers to disclose the current market value of their assets. This new rule aims to enhance transparency and curb the frequent underreporting of property values to lower tax liabilities.

Taxpayers must also provide details on the annual appreciation of their properties, ensuring that increases in asset value are accurately recorded. The change was introduced just days before the September 30 filing deadline, surprising many taxpayers and tax consultants.

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While the deadline remains unchanged, the FBR encourages early submission to avoid last-minute complications. The revenue authority has emphasized the importance of honest and accurate tax filing, urging all individuals and businesses to comply promptly.

In addition to this, the FBR has launched a simplified tax return form designed to streamline the filing process and attract more taxpayers into the system. This move is part of ongoing efforts to improve compliance and broaden the tax base in the country.