The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has asked the Federal Board of Revenue (FBR) to withdraw the tax on immovable property under Section 7E of the Income Tax Ordinance, 2001.
The FPCCI said that the tax is causing financial hardship to businesses and individuals, and is discouraging investment in the real estate sector. The tax is also being evaded by many people, which is depriving the government of much-needed revenue.
The FPCCI has urged the FBR to withdraw the tax immediately, and to introduce other measures to boost the real estate sector.
