• Decision taken on PM’s directive after committee’s recommendation
• FBR analysis points to widespread reluctance in voluntary asset valuation

ISLAMABAD: In a dramatic U-turn, the government on Friday scrapped the asset valuation column from the tax return form for 2025 — just a day after issuing a strongly worded clarification — bowing to mounting pressure from various stakeholders.

The lightning-fast reversal, prompted by criticism from tax practitioners, lawyers and other groups, has reignited debate over policy consistency and digital reforms aimed at documenting the cash economy.

The income tax return form for 2025, released on July 7, had required taxpayers to declare the market value of their assets, as outlined on page 66 of the form. Since then, taxpayers had been submitting returns with the flexibility to either declare the........

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