Govt urged to withdraw increase in property valuation

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to withdraw the recent increase in property valuation, a statement said.

LCCI president Mian Nauman Kabir said that there is a need to take business-related decisions after due consultation with the stakeholders.

The Federal Board of Revenue (FBR) decision would affect not only property and construction sectors but also more than 50 associated industries.

Kabir said that all the government efforts aimed at economic revival would go in vain if the decision was not withdrawn.

Prime Minister Imran Khan has announced an attractive incentives package, while keeping in view the importance of property and construction sectors, he said, adding: “The package boosted the business and economic activities. Now, an unprecedented hike in the market value of immovable property will damage the efforts.”

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