Former minister, Vasant Bharath, is hoping that today’s Budget does not feature an implementation of the Property Tax.
He is estimating that property tax revenue may be about $300 million but said collection would further squeeze citizens and businesses who’ve already seen significant decline in revenue.
“This tax at this time won’t increase economic activity, which is what’s needed, it will slow it down.
Instead, Bharath said government should be seeking ways to increase economic activity.
He recommended Government halt collection of corporate tax, income tax and VAT for six months to give people and businesses a chance to recuperate, pay debts or hire people and this would generate economic activity. After this period, collection can restart.