Hyderabad, June 15: The Greater Hyderabad Municipal Corporation (GHMC) has proposed a new scheme under which wards that pay higher taxes would get more development funds.

The GHMC commissioner, Dr Sameer Sharma, on Tuesday offered the “tax in-crement financing” scheme to corporators seeking more funds to develop their wards. But none of them came forward to accept it.

Under this scheme, any corporator who allows taxes to be increased by 20 per cent in his or her respective ward would be given the additional revenues raised from the ward to be used for developmental works. “Now that the issue (of more funds) was raised in the general body meeting, I am disclosing the scheme and offering it to you,” the GHMC chief said.

Dr Sameer Sharma later told this newspaper that he was willing to place the tax increment proposal before the standing committee. “If the corporators want more money, let them urge people in their ward to pay 20 per cent additional taxes and also help officials in collect it,” he said.

“We have no issues in giving them the additional tax revenues for development activity.”