ISLAMABAD: Voicing dismay over the delay in announcing the new National Finance Commission (NFC) award, the provinces urged the federal government on Tuesday to give a clear time frame on the issue.
Officials said that the federal government had assured the provinces that the new NFC award would be announced during the current year.
Finance Minister Ishaq Dar, who is also a senator, chaired the meeting of the bi-annual monitoring of the Commission for the July-December period last year.
The provinces also raised the issue of the delay in holding bi-annual meeting on NFC award, terming it a violation of law.
According to a statement issued by the finance ministry, total collections via FBR receipts stood at Rs1,448.79 billion in the first half of 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 Rs50.43 billion.
After thorough discussion, the draft report was approved for submission before both houses of 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.
Published in The Express Tribune, August 31st, 2016.
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