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National Finance Commission (NFC)

President Alvi reconstitutes NFC

ISLAMABAD: President Dr Arif Alvi has reconstituted the ninth National Finance Commission (NFC) to formulate a new resource distribution formula between the Centre and federating units. The Finance Division has notified the new 10-member Commission. Finance Minister Asad Umar will be the chairman of NFC which will comprise the four provincial finance ministers. The Commission will reach an agreement on the eighth Award which is likely to alter both the inter-provincial and center-provinces resource sharing arrangement…

Finance Minister writes to CMs for reconstitution of 9th NFC

ISLAMABAD: For the reconstitution of 9th National Finance Commission (NFC), Finance Minister Asad Umar, has written letters to chief ministers of all four provinces on Wednesday.  After every five years, reconstituting the National Finance Award is a constitutional obligation, read the letter. "The federal finance minister and the provincial finance ministers are the statutory members of the NFC. It is customary to include one non-statutory member from each province," the letter added. Once the provincial governments…

NFC meeting by end of November

ISLAMABAD: The federal government has decided to convene a meeting of the National Finance Commission in the last week of November to move forward on next award for distribution of divisible pool taxes among provinces and the Centre for the next five years, a media report said. A meeting presided over by Finance Minister Ishaq Dar made this decision. The meeting reviewed the progress so far achieved by the working groups. The decision came after provinces have demanded the Centre to transfer the control over collection…