The Federal Board of Revenue (FBR) has introduced a mandatory requirement for taxpayers to disclose the market value of their possessions in their income tax returns, adding a new segment to the Iris tax form just days before the filing deadline. This modification requires individuals to furnish yearly information on property value increases.
Officials confirmed this update, clarifying that it was implemented on August 18 without a new Statutory Regulatory Order (SRO). The revenue authority explained that this measure seeks to gather accurate information on actual asset values to shape future financial strategies. The FBR assured taxpayers that revealing market valuations isn’t directly tied to taxation and won’t lead to enforcement measures against those who file.
The submission deadline of September 30 remains unchanged. Those who have already filed must resubmit their returns using the revised form. The tax authority has stated that submissions lacking the new field will be deemed unfinished.