RCCI President Nadeem Rauf terms move by FBR to increase property value as grossly excessive & unacceptable

RAWALPINDI, Dec 03 (SABAH): The Rawalpindi Chamber of Commerce and Industry (RCCI) has termed the move by the Federal Board of Revenue (FBR) to increase property value as grossly excessive and unacceptable. “The FBR’s move of new market value for immovable property of 40 major cities was tantamount to stalling the country’s economy and suspending business activities”.

RCCI President Nadeem Rauf in a statement said that the value of the property has been increased by 100 percent to 600 percent 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 common man has already run out due to high inflation. How to run your own business? Where will you set up your factory?

The Rawalpindi Chamber has always called for devising policy in consultation with stakeholders. The Chamber of Commerce was not consulted by FBR in this move, he said.

President Nadeem Rauf further said that FBR’s move is also against the government’s ongoing New Pakistan Housing Project. Construction material has already become expensive. The prices of cement, bricks and sanitary material have tripled in one year. With the proposed SRO, the construction industry will decline, he added.

The business community has been hit hardest by the Corona epidemic. The government should take immediate notice.

Chamber President Nadeem Rauf said that the FBR has taken this step to collect more taxes. However, the ground realities are different. According to the FBR’s own data, first-quarter revenues exceeded its target. In such a scenario, the imposition of new taxes is unrealistic, he said.