Property Tax raised for tech companies
Posted on: 23/Jan/2013 12:03:29 PM
The Chennai Corporation has identified 344 IT companies in 10 zones of south and west Chennai whose buildings’ property tax has been raised from between 50 to 200 per cent. This will amount to 3.3crore sq. ft. of property in all. This step has been taken since top IT companies tax payments are at par with small retail shops. “The owners of the buildings reap the benefits of rise in rental value of such buildings. But, the tax rate for such buildings was not changed. The tax rate is based on the rental value of the building,” said Chennai Mayor Mr. Saidai Duraisamy.
