President of Pakistan Constitutes the 10th National Finance Commission (NFC) - Android

The President of Pakistan constituted the 10th National Finance Commission (NFC) to be chaired by the Prime Minister. A notification… Read More

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The President of Pakistan constituted the 10th National Finance Commission (NFC) to be chaired by the Prime Minister.

A notification issued on Tuesday stated that, in pursuance of Article 160 (I) of the Constitution of the Islamic Republic of Pakistan 1973, the President of Pakistan is pleased to constitute the 10th National Finance Commission (NFC) with effect from 23rd April 2020 consisting of the following:-

1. Chairman
   Minister for Finance
   Government of Pakistan (Chairman)
2. Minister for Finance
   Government of Punjab (Member)
3. Minister for Finance
   Government of Sindh (Member)
4. Minister for Finance
   Government of Khyber Pakhtunkhwa (Member)
5. Minister for Finance
   Government of Balochistan (Member)
6. Advisor to the Prime Minister on
   Finance and Revenue (Member)
7. Mr, Tariq Bajwa,
   Government of Punjab (Member)
8. Dr. Asad Sayeed,
   Government of Sindh (Member)
9. Mr Musharraf Rasool Cyan.
   Government of Khyber Pakhtunkhwa (Member)
10. Mr. Javed Jabbar
    Government of Balochistan (Member)
11. Finance Secretary
    Government of Pakistan (Official Expert)

The notification further stated that the President authorized Advisor to the Prime Minister on Finance and Revenue to chair the meetings of the NFC in the absence of Federal Finance Minister.

In terms of Article 160 (2) of the Constitution, the Terms of Reference for the 10th NFC are as under:-

• The distribution between the Federation and the provinces of the net proceeds of the following taxes:

1. Taxes on income, including corporation tax, but not including taxes on income consisting of remuneration paid out of the Federal Consolidated Fund;
2. Taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed;
3. Export duties on cotton, and such other export duties as may be specified by the President,
4. Such duties of excise as may be specified by the President, and
5. Such other taxes as may be specified by the President.

• Making of grants-in-aid by the Federal Government to the Provincial Governments;
• Exercise by the Federal Government and the Provincial Governments of the borrowing powers conferred b)’ the Constitution,
• Assessment and Allocation of resources to meet expenditures related to the Azad Government of the States of Jammu and Kashmir. Government of Gilgit-Baltistan and newly merged districts of Khyber Pakhtunkhwa (erstwhile FATA);
• Assessment and allocation of resources to meet expenditures made on security and natural disasters/ calamities;
• Assessment of total public debt and allocation of resources for its repayment;
• Rationalization of subsidies given by the Federal and Provincial Governments in their budgets and agreeing on a mechanism to finance them,
• Exploring ways to reduce losses of State-owned enterprises and agreeing on the mechanism for sharing these losses between the Federal Government and the Provincial Governments;

Any other matter relating to finance referred to the Commission by the President.

The Finance Division shall as per the Rules of Business, 1973, provide the Secretarial support to the Commission.

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