PR No. 279 NFCMeeting Islamabad: December 31, 2015

The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting to review the 2nd Bi-annual monitoring Report on theimplementation of the 7th NFC Award for the period from January –June 2015.

Secretary Finance Dr. Waqar Massod briefed the meeting, in which the provincial Finance Ministers from Punjab,and Sindh participated..Secretary Finance briefed the Chair and the participants that the total Tax collection as reported by FBR remained Rs. 2523.563 billion for the Financial Year 2014-15, out of which Rs.1356.50 were collected in the second half of the financial year 2014-15.  After subtracting non-divisible pool components and 1% each as collection charges and additionally paid to KP government on account of War on terror, the net divisible pool comes to Rs.1303.65 billion. The share of the provincial Governments was Rs. 749.59 billion and the Federal government was left with 554.05 billion to look after its expenditure. Secretary Finance also briefed that individually Punjab received Rs.387.84 billion, Sindh Rs.184.03 billion, KPK Rs.109.59 billion and Rs.68.14 billion were received by Balochistan. KP and Balochistan also received Rs.13.15 and Rs.2.46 billion respectively on account of war on terror and additionality.

The Finance Minister appreciated the performance of the members of the NFC Award Monitoring Committee and said that as per the requirements of the Article 160 (3B) of the Constitution the Report would be laid in both Houses of the Parliament and Provincial Assemblies. The Minister also said that it is with the cooperation of his team that he had been able to accomplish all the targets for set for this year.