Islamabad: During a meeting at the Islamabad Chamber of Commerce and Industry (ICCI), the city’s business community urged the Municipal Corporation Islamabad (MCI) to withdraw the 300% property tax hike recently imposed in the capital city, according to a news source published on November 7.
While chairing the said meeting, ICCI President Sardar Yasir Ilyas Khan stated that such a large, one time hike in tax had never been witnessed in the past and applied to the concerned authorities to reverse this decision in order to facilitate the business community.
The president of the ICCI maintained that the business community wasn’t averse to paying taxes, however, he argued that the tax rationalization should have been more gradual. He further revealed that the chamber had acquired a stay order from the Islamabad High Court against the aforementioned 300% property tax hike, and that the court had also directed the MCI to revert to the previous property tax rate until the court case was resolved.
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