The Federal Board of Revenue (FBR) has clarified that asset declaration Pakistan can now be done without formal valuation or supporting documents. Taxpayers may declare the market value of movable and immovable assets at their own discretion in the 2025 tax returns. However, stricter reporting rules still apply to high-net-worth individuals under Section 7E of the Income Tax Ordinance 2001.
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The FBR explained that the change only addresses misinformation circulating on social media about amendments to the return form. So far, 2.7 million tax returns have been filed, but tax bar associations are urging authorities to extend the September 30 deadline. The FBR stressed that no amendments to the law were made, only a technical update in the return system.
Officials revealed that many taxpayers had entered zero in the asset valuation column, raising compliance concerns. To prevent misuse, the system now restricts the entry of zero. FBR Chairman Rashid Mahmood Langrial emphasized that this adjustment ensures accurate reporting, but asset values declared — except by high-net-worth individuals — will not affect tax liability.
The tax body urged individuals to declare values reasonably aligned with market conditions. It clarified that those who already submitted returns are not required to revise or refile. Asset declarations are excluded from tax assessments and wealth reconciliation, but transparency and good faith remain essential.
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Meanwhile, the Pakistan Tax Bar Association and Karachi Tax Bar Association have written to Finance Minister Muhammad Aurangzeb. They requested an inquiry into technical glitches affecting filings and sought an extension of the deadline. The FBR reaffirmed that the IRIS system is fully operational and urged timely compliance with asset declaration Pakistan rules.