300 percent hike in property tax had made Islamabad costliest city of Pakistan: ICCI - Press Release issued by Islamabad Chamber of Commerce and Industry.

Islamabad -- November 17, 2020 (PPI-OT)

Following is the text of press release issued by Islamabad Chamber of Commerce and Industry (ICCI)

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The business community in a meeting at Islamabad Chamber of Commerce and Industry (ICCI) has strongly protested against the 300 percent hike in the property tax in Islamabad and called upon the MCI/CDA to urgently withdraw this unjustified increase as it has made the federal capital the costliest city of Pakistan and has created immense problems for the residents.

Chairing the meeting, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce and Industry (ICCI) said that the exorbitant hike in the property tax has plunged the widows, senior citizens and other low income residents of Islamabad into deep financial problems as it was not possible for them to pay this massively hiked property tax. He said that there was no example of making such an unprecedented increase in any tax in one go and urged that MCI/CDA should reverse this unjustified decision to save the business community and the residents of Islamabad from unnecessary financial burden.

He said that the business community was not against the tax obligations, however, any increase in taxes should be made gradually instead of putting enormous financial burden on them in one go. He was of the view that for making an increase in any tax, MCI should hold its public hearing and added that this requirement was not fulfilled in the instant case, which makes this increase illegal. He appealed to the Prime Minister and the Chairman CDA for an urgent withdrawal of 300 percent hike in the property tax to save the citizens of Islamabad from great troubles.

Sardar Yasir Ilyas Khan said that FBR had imposed 16 percent GST on services provided by the underwriters, indenters, commission agents and auctioneers in Islamabad despite the fact that Sindh and KPK had reduced GST on these services from 16...