KARACHI: The President of the Karachi Chamber of Commerce and Industry (KCCI), Mohammed Tariq Yousuf, has expressed strong disapproval of the Federal Board of Revenue (FBR) for its alleged discriminatory approach towards Karachi businesses.<\/p>\n
This pertains to the imposition of a tax on the sale or transfer of immovable property in Karachi, while the same tax has been rescinded in Punjab.<\/p>\n
Yousuf has called for equitable treatment across the board, urging that Section 7E of the Income Tax Ordinance 2001, which relates to tax on deemed income, should be aligned with Punjab’s policies for the wider business community nationwide.<\/p>\n
In a statement, Yousuf emphasized that the business community of Karachi is unjustly targeted, as a significant portion of real estate activities occurs within the city.<\/p>\n
Consequently, these unfair taxation measures could disproportionately impact Karachi’s business realm due to the intricate nature of Section 7E, which addresses the sale or transfer of immovable property.<\/p>\n
Drawing attention to the matter, Yousuf highlighted the Balochistan High Court’s stay order, secured by the Quetta Chamber of Commerce and Industry, which bars the FBR from implementing coercive actions concerning Section 7E of the Income Tax Ordinance.<\/p>\n