Traders laud reversal of property tax hike
In the past two months, the federal cabinet has exempted taxes on $5.5b worth of foreign borrowings, including $2.5b Euro-bonds. PHOTO: FILE
Businessmen have appreciated the government of Punjab’s decision to withdraw the increase in property tax in its recent cabinet meeting.
In a statement on Saturday, the Lahore Chamber of Commerce and Industry (LCCI) office bearers said that the acceptance of LCCI’s recommendation by the government was ample proof of its business friendly approach. LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq jointly thanked Chief Minister Punjab Sardar Usman Buzdar for providing relief to the business community.
They pointed out that Punjab Minister for Excise and Taxation Hafiz Mumtaz Ahmad and Excise and Taxation Secretary Waqas Ali played a vital role in the withdrawal of the hike in property tax. They further hoped that a formal notification in this regard would be issued soon.
They held the view that this decision would ease the problems of the business community which is severely impacted by the recent rupee devaluation, rise in the policy rate and soaring inflation.
They said that reversal of hike would help build trust on government and promote public-private partnership.
Published in The Express Tribune, November 28th, 2021.
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