Prov­inces pro­vided Rs 604.586 bil­lion from divis­i­ble pool un­der NFC Award

The Pak Banker - - NATIONAL -

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.

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