KARACHI: The president of the Karachi Chamber of Commerce and Industry (KCCI), Younus Muhammad Bashir, while referring to an amendment made to Section 68 of the Income Tax Ordinance 2001 through the Finance Act 2016, demanded that this particular amendment be revoked as, according to him, it will open `avenues for corruption in the process of property valuation'.
`The amendment made to increase corruption must be withdrawn', he claimed in a statement issued here on Friday.
Younus Bashir demanded that the previous system for property valuation through a pre-defined category-wise table must continue but this property valuation table needs to be revised more frequently and more categories must also be added to the table.
He urged the government to take decision at the earliest in this regard because this amendment has come to force from July 1, 2016, causing `immense problems for the buyers and sellers of immovable properties', the KCCI statement added.
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