Punjab shows flexibility in National Finance Commission ( NFC ) meeting
October 13, 2009 by Trend PK
Filed under Pakistan News
QUETTA , Pakistan – Punjab shows flexibility in National Finance Commission ( NFC ) meeting, National Finance Commission (NFC) has agreed to award revenues generated through General Sales Tax (GST) on Services to provinces, which will result in additional revenue of 60 billion rupees for the provinces.
Punjab Finance Minister Tanveer Ashraf Kaira stated this while briefing the newsmen after NFC’s first day session in the provincial capital, which met with Federal Minister for Finance Shaukat Tareen in chair.
Provincial Finance Ministers Tanveer Ashraf Kaira (Punjab), Muhammad Hamayun Khan (NWFP) and Asim Kurd Gailoo (Balochistan) along with other federal and provincial government officials attended the meeting.
Terming the decision regarding the GST on Services a big progress, Tanveer Ashraf Kaira said the provincial governments, particularly Sindh, had reservations on the issue because the federal govt was receiving the tax unconstitutionally.
He said after the expert opinion, the federal government accepted the GST on Services as a provincial right and in future would be given to the provinces.
Replying to a question, he said the federal govt would continue its collection as practiced in the past, but later on, would transfer the amount to the provinces.
Kaira said the agenda was comprised of three points: vertical and horizontal distribution of resources, GST on Services and Gas Development Surcharge (GDS), adding that issues of GST on Services and GDS were discussed Monday’s session and a consensus was reached on the first one.
As far as GDS was concerned, the committee, which was formed in the last session, submitted its report, Kaira informed the journalists.
Punjab shows flexibility in National Finance Commission ( NFC ) meeting was first posted on October 13, 2009 at 9:53 am.
