Bi-annual meeting on NFC award : Gross divisible pool taxes of Rs 1010.72bn given to KP: Dar


ISLAMABAD: A bi-annual meeting with the provincial finance ministers and secretaries, members of National Finance Commission (NFC) award to monitor implementation of NFC award reviewed implementation for the period July-December 2013 of the current financial year.

Finance Minister Senator Ishaq Dar presided over meeting. It was informed the gross divisible pool taxes amounted to Rs 1010.72 billion after deducting one percent collection charges and one percent war on terror charges being given to Khyber Pakhtunkhwa (KPK). The balance net divisible pool amounted to Rs 990.58 billion, of which Rs 569.58 billion is the provincial share.

The meeting was informed from provincial share in the divisible pool taxes for July-December 2013, Punjab Rs 294.69 billion, Sindh Rs 139.84 billion, KPK Rs 93.27 billion and Balochistan received Rs 61.63 billion.

Dar announced the payment on account of incentive to provinces for maintaining surpluses for second and third quarters of the current financial year. Council of Common Interest had decided the provinces would be allowed the rate of return on their surpluses at latest T-bills rate, maintained for a minimum of three months.

The total of Rs 3392.668 million will be released to the provinces on this account. Of which Punjab will get Rs 556.485 million, Sindh Rs 2.313 million, KPK Rs 1207.410 million and Balochistan Rs 1626.480 million.

Dar said during the current financial year provinces would be getting Rs 200 billion more than their share last year. He said the federal government does not delay payments to the provinces after completion of reconciliation process. Steps can be taken to decrease the time consumed in the reconciliation process, in consultation with the provinces.

He urged the provinces for early implementation of CCI meeting decision regarding Federal Adjuster issue. He informed the provincial representatives that in the next NFC meeting, all issues of provinces would be discussed and procedural improvements would be made in consultation with all stakeholders.

Sirajul Haq Finance Minister KPK appreciated the visible improvements in the economic indicators and said if more revenues were generated, than there would be more benefits for both federal government and the provinces.

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