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Press Release

Hike in property valuation to cripple the economy

The Lahore Chamber of Commerce & Industry has urged the government to reverse property valuation hike as its will hit the entire economy hard. In a statement, President of the Lahore Chamber of Commerce & Industry Mian Nauman Kabir said that business related decisions should be taken in consultation with stakeholders to get the desired economic goal.

He said that the measure taken by the FBR is is against the ground realities and will give a big blow, not only to the property and construction sectors but to the more than 50 associated industries. It will also halt all  of the government efforts aimed at economic revival of the country. He said that the Federal Board of Revenue has taken this initiative without taking the stakeholders on board. This decision must be withdrawn immediately to save the real estate, construction sectors and economy from severe damage.

The LCCI President said that the 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. He said that the decision of FBR was one of the key reasons of recent huge fall in the Pakistan Stock Exchange.

He said that the property sector was already facing a slump while the FBR decision will add fuel to the fire. The LCCI President urged the Federal Board of Revenue to understand the gravity of the situation and should withdraw the decision in the larger interest of property, construction sectors and the economy.