Provinces provided Rs 604.586 billion from divisible pool under NFC Award
The Federal government has released Rs 604.586 billion till January 31, 2013 to the provincial governments on account of their share in taxes from divisible pool during the current fiscal year (2012-13) under the formula of National Finance Commission (NFC) Award.
Punjab province has been provided Rs 299.142 billion from the divisible pool while Rs 141.940 have been released for Sindh, Rs 94.684 billion for Khyber Pakhtunkhwa and Rs 68.820 billion for Balochistan province. "The Federal Board of Revenue submitted revenues of 1.056 trillion till the end of January 2013, out of which provinces were provided their due share in accordance with NFC award," official sources told APP here.
It is pertinent to mention that the FBR has set tax collection target of Rs 2381 billion for the fiscal year 2012-13, out of which, the share of the province in divisible pool stands at 1,043. 932 billion.
Out of the provincial share, the share of Punjab province in the divisible pool is Rs 530,806.067 whereas, Rs 251,861.015 million is the share of Sindh, Rs 168,010.251 of Khyber Pakhtunkhwa and Rs 93,255 for Balochistan.
In addition to the releases from the divisible pool, the federal government has also transferred money to the provincial governments under the heads of General Sales Tax (GST) on services, royalty on crude oil, natural gas, gas development surcharge and excise duty on natural gas.
The sources said that since Punjab and Sindh province were collecting General Sales Tax on Services on their own, so no money was release for these provinces under this head.
However, GST on services was released for Balochistan and Khyber Pakhtunkhwa provinces and both the provinces were provided Rs 1.189 billion and 3.039 billion respectively, the sources added.
The sources said that the federal government has also released Rs 15.732 to the provinces to fund the devolved departments that were shifted to the provinces under the 18th amendment of the Constitution.
The sources said that out of Rs 10 billion, the federal government released Rs 6.183 for the Balochistan province under Gas Development Surcharge (GDS) for the current fiscal year. They said that the federal government have to provide Rs 120 billion to Balochistan province under GDS, out of which Rs 10 billion each would be released each year.
Similarly, out of the total funds of 0.870 billion allocated for the teachers of Balochistan under the Aghaz-e-Balochistan Package, Rs.0.653 billion have been released so far.
In addition to all this, the federal government is also funding 72 projects of the provinces with the total cost of Rs 113.098 billion. He said that out of the earmarked allocations of Rs 12.3 for the current fiscal year, the federal government has released Rs 5.287 billion so far for the projects.