Islamabad, September 24, 2025 – In a dramatic twist, the Federal Board of Revenue (FBR) has stunned taxpayers by abruptly amending the wealth statement form for the tax year 2025, sparking widespread confusion, speculation, and even whispers of a looming wealth tax.
The latest amendment makes it compulsory for taxpayers to declare the market value of both movable and immovable properties. According to Zeeshan Merchant, former President of the Karachi Tax Bar Association (KTBA), “Without disclosing the market value of property, you cannot complete your return filing.” This sudden shift has ignited fiery debate over the legality of the filing process in the middle of tax season.
As shockwaves ripple through the tax fraternity, practitioners have already halted the filing process. The new requirements extend beyond real estate, covering wealth in the form of gold, debentures, shares, funds, and even household furniture. Critics argue the abrupt policy change is an unfair hurdle for taxpayers scrambling to meet deadlines.
A former FBR official, speaking on condition of anonymity, revealed that the hidden objective may be broader: paving the way for the revival of a wealth tax. Such provisions, the official recalled, were once an integral part of the wealth statement under earlier tax regimes.
Adding fuel to the fire, the Regional Tax Office (RTO) Islamabad has urged the FBR to incentivize whistleblowers to unearth black money and hidden assets. Meanwhile, the KTBA is set to hold a fiery press conference on September 25, with strong rumors of boycotting return filing altogether.
The sudden amendment of the wealth statement form has turned routine compliance into a high-stakes treasure hunt, leaving taxpayers, professionals, and policymakers on edge.