BUSINESS

New ‘objective values’ won’t be out before end of April

TAGS: Property, Taxation

The adjustment of the property rates used for taxation purposes (known as "objective values") will require some significant interventions by the government to property taxation if it is to avoid exorbitant hikes in areas which currently have much lower rates.

Government discussions on the matter are taking place behind closed doors, as it does not want the independent surveyors’ proposals or the Finance Ministry agencies’ modifications to be leaked.

In any case the new objective values will not be ready before the end of April, against an original timetable for end-March.

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