RAWALPINDI:
The Rawalpindi Cantonment Board (RCB) has recovered Rs 115.4 million in the first phase of collection of the Bhatta Ground livestock market contract, while Rs 30 million has also been deposited with the federal government as income tax.
As per the agreement, the RCB will now receive Rs 25.4 crore per month from the contractor throughout the year.
The contract to operate the country’s second largest livestock market after Karachi, spread over 32 acres at Bhatta Ground, was awarded to a major consortium led by Haji Ismail & Co for Rs 305 crore.
The contract covers both the annual Eidul Azha livestock market and the regular livestock market held every Tuesday and Wednesday throughout the year.
Under the terms of the agreement, the Board has already received an advance payment of Rs 90 million, along with the May payment of Rs 25.4 million. Additionally, Rs 30 million as income tax on the total contract value was collected through the RCB and deposited with the federal government.
The contract requires the operator to pay Rs 25.4 million to the Cantonment Board every month between the 1st and the 22nd.
In May 2027, the contract will be automatically extended for another year with a 10 percent increase in value, consequently raising the total contract amount.
The contractor will also be responsible for paying the applicable income tax on the revised contract value.
The same agreement will remain in force for three years, after which a new procedure for awarding the Bhatta Ground livestock market contract will be formulated in 2029.
Meanwhile, sources said the RCB is considering using the venue on the remaining five days of the week, when the cattle market is not operational, to host what could become the largest automobile trade fair in the twin cities of Rawalpindi and Islamabad.
Officials believe that the proposed automobile market could provide RCB with an additional and important source of income.
