FKCCI convened a press meet concerning BBMP property tax bill
FKCCI urged a thorough reconsideration of amended property tax bill
Bill lacks scientific methodology in the valuation of property taxes
Pressing for immediate attention, FKCCI (Federation of Karnataka Chamber of Commerce and Industry) convened an urgent press conference concerning the recent amendments to the BBMP property tax bill. Characterizing the changes as lacking in scientific basis, the federation highlighted the detrimental impact on the general populace and small enterprises.
FKCCI urged a thorough reconsideration of the amended property tax bill, citing concerns over its adverse effects. At the forefront of the opposition was FKCCI Vice President MG Balakrishna, who emphasized the need to address the ramifications of the government’s revised tax guidelines.
Balakrishna pointed out that the new taxation framework, which encompasses previously untaxed categories such as vacant land, threatens to impose a significant financial burden, potentially inflating tax payments by 2.5 to 5 times. He stressed that such measures would weigh heavily on taxpayers, especially amidst the economic challenges posed by the aftermath of the pandemic.
Moreover, FKCCI raised objections to the short timeframe allotted for taxpayers to contest their assessments, advocating for an extended objection period of 45 days. Balakrishna underscored that the hasty implementation of the new tax regime fails to address the underlying issue of uncollected property taxes, which currently stands at 55% in the city.
Highlighting the lack of scientific methodology in the valuation of property taxes under the new policy, FKCCI argued against the guideline-based approach. Balakrishna emphasized the need for a more nuanced system, suggesting that property taxes should be calculated based on factors such as building dimensions and facilities provided by the corporation.
Expressing concerns over the disproportionate tax hikes on non-residential properties, industrial establishments, and star hotels, FKCCI warned of potential repercussions, including a mass exodus of industries from Bengaluru. Balakrishna urged the Chief Minister and Deputy Chief Minister to intervene promptly and revert to the previous tax model to alleviate the burden on taxpayers and safeguard the city’s industrial landscape.
FKCCI convened a press meet concerning BBMP property tax bill
FKCCI urged a thorough reconsideration of amended property tax bill
Bill lacks scientific methodology in the valuation of property taxes
Pressing for immediate attention, FKCCI (Federation of Karnataka Chamber of Commerce and Industry) convened an urgent press conference concerning the recent amendments to the BBMP property tax bill. Characterizing the changes as lacking in scientific basis, the federation highlighted the detrimental impact on the general populace and small enterprises.
FKCCI urged a thorough reconsideration of the amended property tax bill, citing concerns over its adverse effects. At the forefront of the opposition was FKCCI Vice President MG Balakrishna, who emphasized the need to address the ramifications of the government’s revised tax guidelines.
Balakrishna pointed out that the new taxation framework, which encompasses previously untaxed categories such as vacant land, threatens to impose a significant financial burden, potentially inflating tax payments by 2.5 to 5 times. He stressed that such measures would weigh heavily on taxpayers, especially amidst the economic challenges posed by the aftermath of the pandemic.
Moreover, FKCCI raised objections to the short timeframe allotted for taxpayers to contest their assessments, advocating for an extended objection period of 45 days. Balakrishna underscored that the hasty implementation of the new tax regime fails to address the underlying issue of uncollected property taxes, which currently stands at 55% in the city.
Highlighting the lack of scientific methodology in the valuation of property taxes under the new policy, FKCCI argued against the guideline-based approach. Balakrishna emphasized the need for a more nuanced system, suggesting that property taxes should be calculated based on factors such as building dimensions and facilities provided by the corporation.
Expressing concerns over the disproportionate tax hikes on non-residential properties, industrial establishments, and star hotels, FKCCI warned of potential repercussions, including a mass exodus of industries from Bengaluru. Balakrishna urged the Chief Minister and Deputy Chief Minister to intervene promptly and revert to the previous tax model to alleviate the burden on taxpayers and safeguard the city’s industrial landscape.
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