Federal Minister of Finance Abdul Hafeez Sheikh has said that the government is considering taxing gross assets in the Budget 2011-12 Aaj News reported on Saturday.

Talking to the media, the finance minister said that the broadening of the tax base has been envisioned in in the budget.

He, however, said that there will be no increase in the tax rate.

Elaborating further, Hafeez Sheikh said that the decision to increase  salaries will also be taken by the Cabinet for the upcoming budget.

It may be mentioned that the Special session of the federal cabinet meeting will be presided over by Prime Minister Yousaf Raza Gilani to consider and approve the budget on May 28 and later in the evening Minister for Finance Dr Hafeez Shaikh will present the budget in the National Assembly as well the Senate of Pakistan.