Overview

• The Federal Board of Revenue removed the “Estimated Fair Market Value” column from the IRIS return form on the prime minister’s directions.
• The review committee included the petroleum minister, the minister of state for finance, the attorney general, the finance secretary, the FBR chairman and Member Customs.
• Officials said the asset-value prompt had been intended solely for data collection and would not affect income assessment, tax liability or wealth reconciliations.
• Taxpayers who already filed do not need to re-file, and no notices will be issued for errors in any previously entered asset values.
• Authorities urged eligible filers to submit accurate returns before the September 30 deadline as the IRIS system remains operational.