Karnataka - Bangalore   

Plea to put on hold CVS implementation

BANGALORE: The industries, traders and residents’ welfare associations in Bangalore are up in arms against the alleged “high rates” of property tax proposed to be enforced through the implementation of Capital Value System (CVS) in the Bruhat Bangalore Mahangara Palike limits from April 1, 2008.

A meeting of the representatives of industries and residents’ associations organised here on Tuesday by the Federation of Karnataka Chambers of Commerce and Industries demanded that the implementation of CVS be put off till the formation of an elected council at the Bruhat Bangalore Mahangara Palike and an elected government in the State. The former FKCCI president R.C. Purohit told presspersons that a delegation of the federation would meet Governor Rameshwar Thakur to request him to put off the implementation of the CVS and also to reduce the tax rates under the new system.

He said that the federation was not against enforcing the new system of property tax. But, the rate of tax was too high under the new system. In fact, the total amount of property tax to be paid by residents and owners of commercial spaces would increase by an average of three to six times, he said.

He suggested that the government continue with the present property tax scheme of Self Assessment System with a little increase in the tax rates. Or, it could even implement the CVS by reducing the tax rates, he said.

He observed that such is the exorbitant increase in the property tax rates that the industries, which are already facing a recession, would find it tough to survive.

Another former president of FKCCI B.V. Rajashekhar Reddy suggested that regulators e appointed to oversee the activities of the BBMP on the lines of the Karnataka Electricity Regulatory Commission which regulates the power sector. Such a system would ensure that consumers’ interests are protected in the taxation matters, he said.

Some of the FKCCI office-bearers suggested that a high-power committee comprising people’s representatives as well as residents’ association be formed by the government to look into various aspects of CVS. A presentation on the CVS was also made on the occasion.

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