RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the increase in property value tax as grossly disproportionate.
“The move of new market value for the immovable property of 40 major cities was tantamount to stalling the country’s economy and suspending business activities”.
RCCI President Nadeem Rauf, while talking to reporter, said that the value of the property had been increased by 100 per cent to 600 per cent through an SRO.
“With the proposed increase in taxes and valuation, the registry of 500, 000 will now go up to 2.5 million”, he added.
He said that the purchasing power of the ordinary person had already run out due to high inflation. So how to run your own business? Where will you set up your factory? he questioned.
The Rawalpindi Chamber had consistently called for devising policy in consultation with stakeholders; however, he added that no consultation had been made with the Chamber of Commerce in this move.
The cement, bricks, and sanitary material prices have tripled in one year. “With the proposed SRO, the construction industry will decline, ” he added.
He urged the government to immediately notice this action as the business community had been badly hit by the Corona epidemic.
In such a scenario, he said the imposition of new taxes was unrealistic.