Bangalore, Mar 12: Members of Federation of Karnataka Chambers of Commerce and Industry (FKCCI) and Residents" Welfare Associations (RWA) on Tuesday opposed the BBMP"s Capital Value System (CVS) for collection of property tax. Participating at an interactive session organized by the FKCCI, the members demanded the government to defer implementation of CVS or bring some modifications until elections to the BBMP council are held.
The CVS has been proposed from April without holding deliberations with the public, trade and industrial bodies, said past president of FKCCI R C Purohit. Under the CVS, even vacant sites are taxed. "Implementation of CVS for levying property tax would burn a deep hole in the pockets of property owners as they would have to shell out at least five times more in comparison with the SAS. This would have a direct effect on increase in the rents," he added.
FKCCI president S S Patil said a memorandum would be submitted to governor Rameshwar Thakur on March 14, urging him to postpone implementation of CVS.