The first meeting of the 9th National Finance Commission (NFC) would be held today with Federal Minister for Finance Senator Ishaq Dar in the chair.
The Finance Ministry had notified the 9th National Finance Commission on April 24 (Friday) which would constitute the 8th award for devising new formula on resource distribution between the Centre and the four provinces.
The 9th National Finance Commission consists of nine members – the federal finance minister, four provincial finance ministers, Ms Aysha Ghaus Pasha from Punjab, Professor Ibrahim Khan from KP, Kaisar Bengali from Balochistan and Senator Saleem Mandviwalla from Sindh.
The federal finance secretary would be official expert of the commission.
The Finance Ministry also released the Terms of Reference (ToR) for the 9th NFC. Distribution between the federation and the provinces of the net proceeds of taxes, including corporation tax, but excluding taxes on income consisting of remuneration paid out of the federal consolidated fund; taxes on the sales and purchases of goods imported, exported, produced, manufactured or consumed; export duties on cotton and such other export duties, duties of excise and such other taxes as may be specified by the President.
The other ToRs, including making of grants-in-aid by the federal government to the provincial governments; exercise by thefederal government and the provincial governments of the borrowing powers granted by the Constitution and assessmentand allocation of resources to meet expenditures related to Azad Jammu and Kashmir, Gilgit-Baltistan, Fata, natural disasters and terrorism.
