The Federal Minister for Finance Senator Mohammad Ishaq Dar chaired the meeting of the Bi-Annual monitoring of National Finance Commission for the period July to December 2015 here at the Finance Division.
Secretary Finance Dr. waqar Masood Khan, briefed the meeting on the data compiled by the NFC Secretariat for the period under review.
Secretary Finance briefed the meeting that the total collections through FBR receipts stood at Rs.1448.79 billion in the 1st half of the 2015-16. Straight transfers to the provinces on account of Royalty on Natural Gas, Gas Development Surcharge, Royalty on Crude oil, Excise Duty on Natural Gas stood at Rs. 50.43 billion.
Provincial share in divisible pool taxes was Rs.412.79 billion for Punjab, Rs 195.86 billion for Sindh, Rs.116.64 billion for KP and Rs. 72.52 billion for Balochistan. KP and Balochistan were additionally paid Rs. 14.02 billion and Rs. 5.47 billion respectively on account of War on Terror and additionality.
The meeting was also briefed that no objection has been raised by any province on financial figures.
After thorough discussion, the draft report was approved for laying before both Houses of the Parliament as well as the provincial Assemblies.
The Finance Minister also gave approval for holding the meeting of the monitoring of NFC Award on quarterly basis. The next meeting is expected to be held in October 2016.
The meeting was attended by Ms. Ayesha Ghaus Pasha, Finance Minister Punjab, Syed Murad Ali Shah, CM/Finance Minister Sindh, Muzzafar Said, Finance Minister KP, Mr Akbar Durrani, Secretary Finance Balochistan and senior officials of the Finance Ministries of Punjab, Sindh, Balochistan KPK and Finance Divsion.