ISLAMABAD, July 14, 2025 – Are you among the return filers for tax year 2025? If yes, and you own immovable property, there’s a crucial update you need to know: the Federal Board of Revenue (FBR) now requires you to declare the fair market value of all your properties in your tax return.
Sounds simple? It’s more detailed than you might think. Let’s walk you through it.
🔍 What’s New for Return Filers?
Through SRO 1213(I)/2025, dated July 7, 2025, the FBR has issued a draft income tax return form that includes a new section demanding the fair market valuation of each property you own.
Even if your property details were auto-filled based on previous declarations, the FBR now wants you to re-enter those details manually — yes, again. The intent, as stated, is to ensure data accuracy and completeness.
🏠 What Exactly Is Required?
Here’s a quick checklist for you as a return filer:
• ✅ Declare fair market value of every immovable property.
• ✅ Re-enter details even if the FBR has pre-filled the information.
• ✅ Ensure all property entries are complete — missing data will make your return invalid.
💬 What Are Experts Saying?
Some tax experts are calling this move “confusing and redundant.” They argue that taxpayers already mention the purchase value of property in their tax returns, so asking for the fair market value again raises concerns about trust in taxpayers’ integrity.
One expert noted, “It seems the FBR doesn’t fully trust the values already declared. This new requirement might create confusion, especially among salaried individuals and small investors.”
📢 Takeaway for Return Filers
If you’re filing a tax return this year, double-check your property section and be sure to fill in every required field, including the fair market value. Leaving it blank could delay your return processing or even get it rejected.
Still unsure? Consult a tax advisor or visit your nearest FBR facilitation center.
Your property. Your responsibility. Your return — done right.