September 17: The government has formed a high-level committee to study the prospects of reforming the existing tax system. A meeting of the Council of Ministers on Friday decided to form the committee under the chairmanship of former minister Bidyadhar Mallik.

The Ministry of Finance said that the high-level committee has been mandated to submit its report by next January.

The committee was formed in line with the announcement made by the government in the budget of the current fiscal year. In the budget, it was mentioned that a high-level committee would be formed to study the existing tax system and suggest improvements for the reform of the tax system.

According to the ministry, the budget for the next fiscal year will be prepared based on the suggestions given by the committee.