In order to promote the information technology (IT) sector in the city, the
According to PMC officials, the proposal has been put before the standing committee on the directions of the state government to reintroduce the policy of discount in property tax to IT companies. According to the proposal, the administration is planning to charge property tax to IT companies as per residential rates and not commercial rates.
Civic activists, however, are opposed to the proposal as the revenues of the civic body have already gone down due to low recovery of newly introduced Local Body Tax (LBT) and now the administration's idea of giving concession to IT companies will bring down the revenue.
Officials of property tax department said, "PMC's residential rate for property tax is
The move has come to promote IT sector in Pune, which has tremendous scope for this sector. The state government formed a policy in 2003 to encourage IT sector by giving discounts and concessions in various types of taxes. Accordingly, PMC was giving the benefits to IT companies till the policy expired in 2008. PMC corporators then brought a resolution to withdraw the concessions.
PMC is once again planning to give concessions to IT companies which civic activists are opposing.
"I am going to write a letter to the PMC commissioner and state government asking them to reconsider the policy of giving concessions to IT companies. These companies are already making huge profits. Why do they need concessions from the municipal corporation? On the contrary, they should be contributing towards city's development," Kumbhar said.
Most Popular Stories
- Hezbollah Chief's Assassination Claimed by Sunni Group
- Allstate Seeks to Invest in Minority Firms
- SpaceX's Satellite Launch Is 'Game-Changer'
- Latin Music Conference Turns 25
- U.S. Growth Stayed Steady During Shutdown, Fed Says
- Newtown Massacre Heard on 911 Recordings
- Reid Confident Congress to Pass Immigration Bill
- Guardian Pressured to Stop NSA Stories: Editor
- New Home Sales Shoot up 25 Percent in October
- Climate Change Early Warning System Urged