'Proposed property tax to be imposed after consultation'

Proposed rates of property tax, valuation tables are under consultative process and will be finally imposed after due consultation with the business community, said Shahid Ashraf Tarrar, Secretary Excise and Taxation Punjab while addressing to the members of Faisalabad Chamber of Commerce and Industry (FCCI) on Monday.
He categorically assured that the proposed property taxation and valuation tables are in draft form and nothing is finalised. He said that property tax survey becomes due after every three to five years and revised rates are imposed based on the fresh survey. He invited nomination of some members from FCCI to include in the Committee being constituted to finalise the rate of property tax and valuation tables.
He said that properties in five large cities of Punjab are being computerised, which will provide readily access to the property holders for tax evaluation and a measure to erode corruption element for taxation. He said that in addition to Lahore, other cities as Faisalabad, Rawalpindi and Multan have been included first time in the 'A' Category of property taxation.
He said that he is mindful of the difficulties and severity of the problems that industry and business are facing these days and government is also fully aware of the situation. However, these will be communicated to the higher authorities accordingly. He said that bearing capacity of assesses will be taken into consideration for least taxation burden to them.
Earlier, in his Welcome Address to the Secretary Excise and Taxation, President of FCCI Engr. Suhail Bin Rashid said that Faisalabad is the third industrial hub and second largest revenue generation city in the country. He said that proposed tax rate for immovable properties is not acceptable to the business community. He said that increase in taxes have been proposed to increase to 500 per cent without any consultation with the stakeholders in the current Survey.
He said that declaration of valuation tables was not based on the ground realities. Moreover, 'A' Category could not be applied for Faisalabad and tax amount will be increased from Rs 20,000 to Rs 120,000 with the proposed valuation tables. He said that owing to higher inflation, shortage of electricity and gas supply to the industries, higher prices of industrial inputs, new taxes being introduced by FBR and Banks' high mark-up rate have already rendered the incapacity of business community' to pay increased property taxes and needed the statuesque in the circumstances.
Vote of Thanks was presented by Chaudhry Muhammad Asghar, Vice President FCCI. Additional Director Excise and Taxation Ashraf Akram Gondal and Director Faisalabad Syed Ashiq Hussain were also present in the meeting. Sh. Khalid Habib, Chaudhry Talat Hussain, Engr. Rizwan Ashraf, Amjad Khawaja, Haji Bashir Ahmed, Haji Talib Hussain, Ayub Aslam Manj, Mian Wahid, Rao Sikandar Azam Khan and others also shared their views on the occasion.