Traders of the federal capital on Thursday welcomed a decision from the high court which reversed the 200 per cent hike in property taxes in the city.
In a statement, Islamabad Chamber of Commerce and Industry (ICCI) President Sardar Yasir Khan said that the decision by the Islamabad High Court (IHC) to annual the 200 per cent hike in the property taxes by the Islamabad Metropolitan Corporation (IMC) has provided them with significant relief.
He said that the IMC had unilaterally increased the property taxes from 200 to 300 per cent in one go.
This, he argued, had created concerns amongst the public and the business community. He added that the ICCI subsequently challenged the increase in the court by filing a petition. The court has now set aside the notification of IMC for the hike in property taxes and ordered an audit of the money recovered by the Capital Development Authority (CDA) under this head.
Yasir said that it will provide justice to all stakeholders.
He vowed that the chamber will continue fighting to protect the genuine rights of the business community so that they can play an effective role in strengthening the economy.
Published in The Express Tribune, December 25th, 2020.
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