7th NFC 'land­mark achieve­ment' to em­power prov­inces: min­ster

The Pak Banker - - 2 National -

IS­LAM­ABAD: Ap­pre­ci­at­ing the 7th Na­tional Fi­nanceCom­mis­sion Award, (NFC), Pun­jab Min­is­ter for Fi­nance Tan­veer Ashraf Kaira has said that un­der the award 57.5 per­cent re­sources are be­ing trans­ferred to prov­inces as com­pared to only 46.25 per­cent be­ing trans­ferred previ- ously.

He stated this while chair­ing a ses­sion of a three-day an­nual gen­eral meet­ing and con­fer­ence of Pak­istan So­ci­ety of Devel­op­ment Econ­o­mists (PSDE).

The min­is­ter said that the right of prov­inces to col­lect Gen­eral Sales Tax on Ser­vices has been gra­ciously ac­cepted by the fed­eral govern­ment.

The 7th Na­tional Fi­nance Com­mis­sion (NFC) Award and el­e­ments re­lated to fis­cal fed­er­al­ism in the 18th Con­sti­tu­tional Amend­ment are great land­marks in the his­tory of fis­cal fed­er­al­ism in Pak­istan, he re­marked.

He said that func­tional as­sign­ments had also been sig­nif­i­cantly re­dis­tributed in favour of prov­inces by abo­li­tion of Con­cur­rent List from the con­sti­tu­tion.

All these are steps would take us to greater em­pow­er­ment of prov­inces and will min­i­mize the fis­cal im­bal­ance be­tween the fed­er­a­tion and prov­inces, he added.

Kaira said that govern­ment and all po­lit­i­cal par­ties can take due credit for de­vel­op­ing a con­sen­sus to bring about these land­mark achieve­ments. He said that re­search plays an im­por­tant role in the devel­op­ment and growth of any so­ci­ety.

The min­is­ter said that fed­er­a­tion of Pak­istan has been suf­fer­ing from a trust deficit due to which more re­sources and func­tions were vested in the cen­tre and prov­inces were de­mand­ing more re­sources and func­tional au­ton­omy. -App

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