By Our Correspondent
ISLAMABAD – Just days before the September 30 deadline, the Federal Board of Revenue (FBR) has introduced a last-minute requirement in its tax return form, making it compulsory for taxpayers to declare the market value of their assets.
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According to the update in the IRIS system, taxpayers must now enter details of the annual increase in property values. FBR clarified that this will not impact tax liability, nor has any new SRO been issued. Instead, a new column was added quietly on August 18 to improve data collection for future policymaking.
However, the timing of the move has caused frustration among taxpayers. Many had already submitted their returns and will now be required to re-submit them, or else their filings will be considered incomplete.
Observers note that such abrupt changes place an unnecessary burden on citizens and point to a lack of planning and coordination in policy execution.
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