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08-31-2016, 04:46 AM
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NFC Award to be finalised by year end, Dar tells CMs
ISLAMABAD: With expectations of finalising reports by all sub-committees, the government on Tuesday assured the provinces to convene the National Finance Commission (NFC) meeting of finance secretaries level on September 5, 2016 at Lahore for renewing efforts to evolve a consensus on new resource distribution formula till the end of this calendar year. In the wake of the judgment of the Supreme Court of Pakistan, the government has decided to send a summary to the federal cabinet for getting an approval for the publication of Tax Directory of Parliamentarians and all other taxpayers in its scheduled meeting on Wednesday (today) under the chairmanship of Prime Minister Nawaz Sharif. “We had the commitment and resolve that the Tax Directory will be published this year but its approval will be sought from the federal cabinet in the aftermath of judgment of the apex court,” Federal Minister for Finance Ishaq Dar told The News here on Tuesday. On the issue of the NFC, Federal Minister for Finance Ishaq Dar told The News after chairing the bi-annual review meeting of the NFC held here on Tuesday that the government would make efforts to finalise a fresh NFC Award till the end of this calendar year. To a**ther query, he said that the NFC was a constitutional body where decisions were taken with consensus so changing the formula would depend upon evolving a consensus among the all stakeholders. He said that he had signed review reports of NFC, which were sent to the National Assembly and the Senate of Pakistan, as these reports were unanimously adopted by the NFC in Tuesday’s meeting without raising any objection. He said the provinces had completed their reports on the NFC and the federal government would also complete its report very soon. To update the provinces on resource distribution, the government decided to hold a review meeting on quarterly basis instead of bi-annual basis, he added. Sindh Chief Minister Syed Murad Ali Shah said the federal government had accepted Sindh’s demands to finalise the NFC meeting till end December 2016 so that the provinces could prepare the next budget on new revenue projections for 2017-18. “After holding the bi-annual NFC review meeting, the provinces took up the issue of convening a formal National Finance Commission (NFC) meeting with the Centre in today’s meeting. Four sub-committees were constituted by the NFC out of which two committees had already finalised their reports while two more reports would be finalised next month. It is hoped that the Centre would convene a formal NFC meeting soon to finalise the NFC Award,” Punjab’s Minister for Finance Ayesha Ghous Pasha told The News in a brief chat on phone on Tuesday evening. She said that Punjab was preparing a report on revenue projections of the Centre and the provinces and this report was expected to be finalised by next month (September 2016). When the homework on account of completion of sub committees’ reports would get final shape, then the formal NFC meeting would be convened to make efforts for finalising the new resource distribution formula among the concerned stakeholders. According to the Finance Ministry’s statement issued here, the Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the bi-Annual monitoring of the National Finance Commission for the period July to December 2015 here at the Finance Division. Secretary Finance Dr. Waqar Masood Khan briefed the meeting on the data compiled by the NFC Secretariat for the period under review. The secretary finance briefed the meeting that the total collections through the FBR receipts stood at Rs1,448.79 billion in the first half of the 2015-16. Straight transfers to the provinces on account of Royalty on Natural Gas, Gas Development Surcharge, Royalty on Crude oil, Excise Duty on Natural Gas stood at Rs50.43 billion. Provincial share in divisible pool taxes was Rs412.79 billion for Punjab, Rs195.86 billion for Sindh, Rs116.64 billion for KP and Rs72.52 billion for Balochistan. KP and Balochistan were additionally paid Rs14.02 billion and Rs5.47 billion respectively on account of War on Terror and more such expenses. The meeting was also told that ** objection had been raised by any province on financial figures.After a thorough discussion, the draft report was approved for laying before both Houses of the Parliament as well as the provincial assemblies. The finance minister also gave his approval for holding the meeting of the monitoring of NFC Award on quarterly basis. The next meeting is expected to be held in October 2016.The meeting was attended by Ms. Ayesha Ghaus Pasha, Finance Minister Punjab, Syed Murad Ali Shah, CM/Finance Minister Sindh, Muzzafar Said, Finance Minister KP, Mr Akbar Durrani, Secretary Finance Balochistan and senior officials of the Finance Ministries of Punjab, Sindh, Balochistan KPK and Finance Division. أكثر... ??????? ??????: NFC Award to be finalised by year end, Dar tells CMs || ??????: ahlam1399 || ??????: اسم منتداك
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