Fixing of rates of taxes.

The Corporation shall, on or before the twentieth day of February, after considering the Standing Committee’s proposals in this behalf, determine, subject to the limitations and conditions prescribed in Chapter XI, the rates at which municipal taxes referred to in sub-section (1) of section 127 shall be levied in the next ensuing official year and the rates at and the extent to which any of taxes referred to in sub-section (2) of the said section which the Corporation decides to impose shall be levied in the next ensuing official year.