Karachi: FPCCI demanded Section 7E of Income Tax Ordinance (ITO) 2001 should be abolished for being unproductive and unfair for levying deemed or imaginary income on immovable properties. 

7E has produced no significant increase in tax collection; instead, it has created chaos and discontentment in otherwise very vibrant real estate sector. Atif Ikram Sheikh said that real estate regulatory authority should be established in Pakistan like other regional countries as no sector can perform at its optimum and contribute to national economy in absence of regulatory authority. Saquib Fayyaz Magoon SVP FPCCI maintained that real estate can help bring more foreign exchange to country in form of remittances.  Syed Saquib Shah Convener of FPCCI’s Central Standing Committee on Real Estate Property and Builders said systemic shortcomings and lack of facilitation for real estate sector can only be addressed through digitalisation of registration system; in order to bring transparency, fairness and validity in documentation of    properties.