FBR Introduces Electronic Foreign Income and Assets Declaration for Resident Individuals

The Federal Board of Revenue (FBR) has made it mandatory for the owners of immovable properties abroad to file “Electronic Foreign Income and Assets Declaration for Resident Individuals”. Resident persons have to provide complete details of rental properties purchased abroad and details of business income, foreign assets, income and foreign bank accounts details through the new “Electronic Foreign Income and Assets Declaration for Resident Individuals”. The FBR has issued SRO.1562(I)/2025 to notify electronic income tax return forms for companies, association of persons and individuals for tax year 2025. The FBR has issued another notification, “Electronic Foreign Income and Assets Declaration for Resident Individuals” and “Electronic Return for Non-Resident having no source of income in Pakistan”. The FBR has issued a new separate income tax return form for traders, small and medium enterprises (SMEs) and “Simplified Electronic Return for Individuals” including salaried class. As per notification, the FBR has also released final Electronic Return for manufacturer, Electronic Return for traders and Electronic Return for small and medium enterprises (SMEs).