KTBA urges FBR to lift IRIS restriction on opening wealth balance for tax year 2026

The Karachi Tax Bar Association has asked the Federal Board of Revenue to modify IRIS 2.0 so returning residents can enter an accurate opening wealth figure in their tax year 2026 filings, Mettis Global reported. The association says the system carries forward the balance from a taxpayer’s last recorded wealth statement and does not allow it to be changed.

The issue affects people who were non-residents in the intervening years and therefore did not submit wealth statements, but later resumed Pakistani tax-resident status. KTBA cited a case in which a taxpayer’s last recorded balance was for June 30, 2023, while the individual became resident again in tax year 2026; the association says IRIS still displays the earlier figure. It wants taxpayers to use relevant records to report their opening wealth and complete the required reconciliation without covering years when no wealth statement was due.