RCCI wants anomalies in budget removed.

RAWALPINDI -- Doing one or more businesses or having more than one branch is a basic right of every citizen.

The new property tax, deemed rental income and fair value assessment in the budget, falls in the category of double taxation.

These anomalies in the budget should be removed.

Rawalpindi Chamber of Commerce and Industry (RCCI) President Nadeem Rauf and group leader Sohail Altaf in a joint statement demanded that the property tax levied in Finance Bill 2022-23 be withdrawn as it discouraged business expansions.

The RCCI president said that it was the basic right of every person to do one or more business or to have multiple branches as long as these are registered in the income tax return and tax is being paid. Such properties should be exempted from the deemed income purview.

He said plots on which construction work was in progress or the plan was approved or under approval by the development authority concerned should also be exempted to encourage construction activities.

Where an agreement between the landlord and tenant is already available in tax record, such cases should not be opened for reassessment for deemed income. He said that the assessment must be on the declared value in the wealth statement if at all this deemed rental income was essential to be carried on due to any covet rationale linked with the IMF package.

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