The real estate sector plays a vital role in the economy of Pakistan. Unfortunately, for the last two years or so, the sector has been put on the back burner and hit with an illogical deemed rental value tax under section 7E of the Finance Act 2022.
The Supreme Court will reportedly begin hearing cases related to section 7E from March 26. It is important to abolish this tax, wrongly legislated and approved by parliament, in order to attract investment into Pakistan.
Mumraiz Khan
Karachi