April 9, 2003	Wednesday	Safar 6, 1424

ISLAMABAD, April 8: The government has constituted a high-level committee for considering budgetary proposals before it would be presented in the Parliament for final approval.

An official source said that the committee was given the task of receiving budgetary proposals from the stakeholders and these proposals would be discussed at length by it for the adjustment of tariff or duties on it.

The official said that after vetting of these proposals, it would be finally discussed with the finance minister before it produced in the Parliament for seeking comments and approval.

He said that in the forthcoming budget there was no proposal for further scaling down of the highest tariff from 25 per cent.

He said that only import duty would be re-adjusted on some of the items if there was any demand from the stakeholders.

According to the official, International Monetary Fund (IMF) has recommended some items, which are expected to be brought under the sales tax net in the budget. It was also recommended to withdraw maximum income tax exemption.

The committee comprising officials from Ministry of Industries, Commerce and Central Board of Revenue (CBR).