The Federal Board of Revenue (FBR) has removed the ‘expected market value’ column from the income tax return form on the instructions of Prime Minister Shehbaz Sharif.
According to the FBR, this decision was taken on the recommendation of a high-level committee, which was formed today and headed by Law Minister Azam Nazir Tarar. The committee also included the Minister of Petroleum, Minister of State for Finance, Attorney General, Secretary Finance, Chairman FBR and Member Customs.
The committee reviewed the new column added by the FBR and prepared a report on its potential impact. The report clarified that the column of “expected market value” should be removed as it was creating concerns for taxpayers.
The prime minister approved the removal of the column, accepting the committee’s recommendation. The FBR clarified that this column was included only for the purpose of collecting data for the economic survey and had no bearing on the income or tax liability of the taxpayer.
The announcement said that the FBR is committed to providing maximum convenience to taxpayers and all eligible individuals have been directed to file their income tax returns correctly and on time by September 30, 2025.
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