LCCI Calls For Reviewing Property Valuation Decision

Lahore Chamber of Commerce & Industry (LCCI) has urged the government to reverse property valuation hike as its will hit the economy hard

LAHORE, (UrduPoint / Pakistan Point News - 6th Dec, 2021 ) :Lahore Chamber of Commerce & Industry (LCCI) has urged the government to reverse property valuation hike as its will hit the economy hard.

In a media statement here Monday, the LCCI President Mian Nauman Kabir said that Federal Board of Revenue has taken this initiative without taking the stakeholders on board. It will give a big blow not only to property and construction sectors but also to more than 50 associated industries.

This decision must be withdrawn immediately to save the real estate, construction sectors and economy from severe damage.

He said that business related decisions should be taken in consultation with stakeholders to get the desired economic goal.

The LCCI President said that Prime Minister Imran Khan announced an attractive incentive package for the construction sector while keeping in view the importance of property and construction sectors.

The package boosted the business and economic activities across the country but now unprecedented hike in the market value of immovable property by the FBR without prior consultation with the stake holders will put a reverse gear to all the efforts.

Mian Nauman Kabir said that the stakeholders have expressed strong reservations against the new market value of the property have risen heavily.

The LCCI President urged the Federal Board of Revenue to understand the gravity of the situation and withdraw the decision in the larger interest of property, construction sectors and the economy.