‘Traders lambast hike in property valuation’

Rawalpindi: The increase in property valuation by the Federal Board of Revenue (FBR) is grossly excessive and unacceptable, said Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf. ‘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’, says a press release.

RCCI President Nadeem Rauf said that the value of the property has been increased by 100 per cent to 600 per cent through an SRO. With the proposed increase in taxes and valuation, the registry of Rs500,000 will now go up to Rs2.5 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?

President RCCI Nadeem Rauf further said that FBR’s move is also against the government’s ongoing Naya 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.