June 8, 2003	Sunday	Rabi-us-Sani 7, 1424

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ISLAMABAD, June 7: The following are the highlights of the Federal Budget 2003-04:

* No new taxes

* Total outlay Rs805 billion

* 15 per cent increase in salaries of government employees

* Allocations for heath sector up by 20 per cent

* 25 per cent cut in excise duty on cement

* Elimination of excise duty on wire and cables

* Increase in the limit of tax exemption on mark-up

* Increase in maximum limit of loans

* 30 per cent increase in development budget

* Increase in the amount of electricity subsidies

* Special savings scheme for widows

* Medium taxpayers units to be set up in different cities

* Income tax returns to be on self-assessment basis

* Clearance of goods at seaport and airport to take 48 hours

* Tax refund system to continue for promotion of exports

* Withholding tax rate cut from 7.5 per cent to 5 per cent

* Wealth Tax Act repealed

* 10 per cent customs duty replaced with 20 per cent sales tax on imported oilseeds

* Existing duty of 5 per cent on paper and board abolished

* Rate of duty on vehicles of 1800 cc and above reduce from 200 per cent to 150 per cent

* Rate of duty on tea, spices, silk yarn and ball bearingreduced—APP