ISLAMABAD: To decide the transfer of revenue and expenditures between the Centre and provinces, the first meeting for constituting the 8th National Finance Commission (NFC) award is expected to be held by the end of this month.
Federal Finance Minister Ishaq Dar and four provincial finance ministers, Ayesha Ghous Pasha from Punjab, Prof M.Ibrahim Khan from KP, Qaisar Bangali from Balochistan and Senator Saleem Mandviwall from Sindh are the members of meeting.
Ishaq Dar had sent the proposal to the President through the Prime Minister for the constitution of the 8th NFC award on March 31. The current NFC is going to end by June 30 this year.
The 7th NFC Award guarantees provinces’ share at 57.5 per cent of net federal tax receipts. According to the 7th NFC formula, Punjab’s share stood at 51.74 per cent, Sindh 24.55 per cent, KP 14.62 per cent, including one per cent as share of war against terror, and Balochistan 9.09 per cent. The centre had estimated to transfer Rs1.72 trillion to the four provinces under the NFC award in the ongoing financial year. According to the budget estimates, Punjab is supposed to receive Rs812.786 billion, Sindh Rs464.007 billion, KP Rs283.68 billion and Balochistan Rs159.71 billion.
