President of the Multan Chamber of Commerce and Industry (MCCI),Fareed Mughis Sheikh, has called for resolving the property valuation issue on priority basis particularly in Multan district which is less developed and backward area.
In a statement on Sunday, he opined that the property evaluation tables by the Federal Bureau of Revenue (FBR) should be withdrawn forthwith to end the blockade. Fareed Mughis Sheikh said that sale and purchase of properties business came to standstill in this area and thousands of people rendered jobless.
The system of collectors value for registration be accepted for Capital Gain Tax (CGT).The MCCI president further commented that there should not be two rates to carry out evaluation of same property for provincial and federal taxation purposes. He maintained that Valuation Tables publicised by FBR were on higher side and were 'unrealistic' as these tables have been finalised without taking the stakeholders on board. The MCCI president was of the view that they also contain some 'legal flaws'.He demanded of the authorities to 'revert to the previous system', the statement added.