{"id":94644,"date":"2023-08-24T11:15:02","date_gmt":"2023-08-24T06:15:02","guid":{"rendered":"https:\/\/www.zameen.com\/news\/?p=94644"},"modified":"2023-08-24T11:15:03","modified_gmt":"2023-08-24T06:15:03","slug":"fpcci-withdrawal-section-7e-immovable-properties","status":"publish","type":"post","link":"https:\/\/www.zameen.com\/news\/fpcci-withdrawal-section-7e-immovable-properties.html","title":{"rendered":"FPCCI for withdrawal of Section 7E on immovable properties"},"content":{"rendered":"\n<p>Islamabad: Federation of Pakistan Chambers of Commerce &amp; Industry (FPCCI) Acting President Muhammad Suleman Chawla has urged the government to withdraw Section 7E imposed on immovable properties to strengthen investors\u2019 confidence, according to news published on August 22.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/fbr-exempts-tax-agricultural-property.html\" target=\"_blank\" rel=\"noreferrer noopener\">FBR exempts tax on transfer of agricultural properties<\/a><br>As per the acting president of the FPCCI, the business, industry, and trade industry of Pakistan has been adversely affected by the introduction of Section 7E of the Income Tax Ordinance, 2001. Mr Chawla opined that the newly imposed section has merely generated PKR 10 billion in the first year, which is negligible when compared to the loss caused by this measure. He stated that the move has negatively influenced domestic and <a href=\"https:\/\/www.zameen.com\/news\/tax-exemption-nrps-immovable-properties.html\" target=\"_blank\" rel=\"noreferrer noopener\">overseas Pakistanis<\/a>\u2019 interest in the real estate sector, which will leave lasting consequences.<\/p>\n\n\n\n<p><strong>Read:<\/strong> <a href=\"https:\/\/www.zameen.com\/news\/section-7e-exemptions.html\" target=\"_blank\" rel=\"noreferrer noopener\">Section 7E will not be applicable within LHC\u2019s jurisdiction: FBR<\/a><br>Moreover, FPCCI Acting President Muhammad Suleman Chawla stated the withholding tax on buying and selling of immovable properties has been revised from 1% to 3% under Section 236C (Advance Tax on sale or transfer of immovable Property) and 236K (Advance Tax on purchase or transfer of immovable property) respectively. He was of the view that an increase in the withholding tax is proving to be counterproductive and the tax rate should be revised downward with immediate effect.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Islamabad: Federation of Pakistan Chambers of Commerce &amp; Industry (FPCCI) Acting President Muhammad Suleman Chawla has urged the government to withdraw Section 7E imposed on immovable properties to strengthen investors\u2019 confidence, according to news published on August 22. Read: FBR exempts tax on transfer of agricultural propertiesAs per the acting president of the FPCCI, the business, industry, and trade industry of Pakistan has been adversely affected by the introduction of Section 7E of the Income Tax Ordinance, 2001. Mr Chawla opined that the newly imposed section has merely generated PKR 10 billion in the first year, which is negligible when compared to the loss caused by this measure. He stated that the move has negatively influenced domestic and overseas Pakistanis\u2019 interest in the real estate sector, which will leave lasting consequences. Read: Section 7E will not be applicable within LHC\u2019s jurisdiction: FBRMoreover, FPCCI Acting President Muhammad Suleman Chawla stated the withholding tax on buying and selling of immovable properties has been revised from 1% to 3% under Section 236C (Advance Tax on sale or transfer of immovable Property) and 236K (Advance Tax on purchase or transfer of immovable property) respectively. He was of the view that an increase in the&hellip;<\/p>\n","protected":false},"author":75,"featured_media":62138,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15015],"tags":[],"persona":[],"class_list":{"0":"post-94644","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-legal-taxation","8":"cat-15015-id"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>FPCCI for reversal of Section 7E on properties - Zameen News<\/title>\n<meta name=\"description\" content=\"FPCCI has urged the government to withdraw Section 7E imposed on immovable properties to strengthen investors\u2019 confidence\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.zameen.com\/news\/fpcci-withdrawal-section-7e-immovable-properties.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FPCCI for reversal of Section 7E on properties - Zameen News\" \/>\n<meta property=\"og:description\" content=\"FPCCI has urged the government to withdraw Section 7E imposed on immovable properties to strengthen investors\u2019 confidence\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.zameen.com\/news\/fpcci-withdrawal-section-7e-immovable-properties.html\" \/>\n<meta property=\"og:site_name\" content=\"Pakistan Real Estate News &amp; 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