The Federal Board of Revenue (FBR) has introduced a new requirement for taxpayers to declare the current market value of their properties in annual income tax returns.
The update has been added to the IRIS online portal, which taxpayers use to file returns. Officials say the move is intended to prevent underreporting of property values to reduce tax liability.
Under the new system, taxpayers must also provide details of the annual increase in property values. This ensures that asset appreciation is transparently recorded and contributes to accurate tax calculations.
The changes were implemented just days before the September 30 deadline for filing tax returns, surprising many taxpayers and consultants. Despite this, the FBR urges early submission to avoid a last-minute rush.
In a public advisory, the FBR stressed the importance of filing returns truthfully and accurately. Officials also highlighted that the updated tax return form is simplified to make compliance easier for individuals and businesses.
The new requirement applies to all taxpayers, including individuals, businesses, and property owners. Failure to disclose accurate property values could result in penalties or legal action.
The FBR said the updated form is part of a broader effort to strengthen compliance and expand the tax net. Accurate reporting will help ensure transparency and fairness in the tax system.
Authorities also encouraged taxpayers to review their property records and report all changes in value to avoid discrepancies during audits. The move is expected to improve revenue collection and ensure property wealth is properly reflected in income tax filings.
The FBR continues to emphasize that early and correct submission of tax returns is the responsibility of all taxpayers. Authorities hope the new measures will enhance compliance and foster a culture of transparency in Pakistan’s tax system.
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