Rawalpindi
\nThe 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. \u201cThe FBR\u2019s move of new market value for immovable property of 40 major cities was tantamount to stalling the country\u2019s economy and suspending business activities\u201d.
\nRCCI 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.
\nHe 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?
\nThe 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.
\nPresident Nadeem Rauf further said that FBR\u2019s move is also against the government\u2019s ongoing New Pakistan Housing Project. Construction material has already become expensive.
\nThe prices of cement, bricks and sanitary material have tripled in one year. With the proposed SRO, the construction industry will decline, he added.
\nThe business community has been hit hardest by the Corona epidemic. The government should take immediate notice.
\nChamber 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\u2019s own data, first-quarter revenues exceeded its target. In such a scenario, the imposition of new taxes is unrealistic, he said.<\/p>\n","protected":false},"excerpt":{"rendered":"
Rawalpindi 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. \u201cThe FBR\u2019s move of new market value for immovable property of 40 major cities was tantamount to stalling the country\u2019s economy and suspending business activities\u201d. RCCI […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":{"0":"post-230893","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-business"},"yoast_head":"\n