ISLAMABAD: President Asif Ali Zardari has approved the formation of the 11th National Finance Commission (NFC) after which the Ministry of Finance issued the official notification.
A nine-member commission has been constituted with Finance Minister Muhammad Aurangzeb appointed as its chairman. The finance ministers of all four provinces will be members of the commission, along with one expert member from each province.
The expert members include Nasir Mahmood Khosa from Punjab, Dr. Asad Saeed from Sindh, Dr. Musharraf Rasool from Khyber Pakhtunkhwa, and Dr. Farmanullah from Balochistan. The terms of reference for the new NFC commission have also been released.
The commission will make recommendations regarding the distribution of tax revenues between the federal and provincial governments, allocation of expenditure burdens within provincial jurisdictions, and determination of grants-in-aid for provincial governments.
Currently, the federal government bears these expenses, but moving forward, some expenses will be shared between the federal and provincial governments. The NFC will submit its recommendations to the President of Pakistan.
Additionally, the commission will provide suggestions on sharing financial costs for projects of national importance and will consider any other financial matters referred to it by the President.
The Ministry of Finance will act as the secretariat for the NFC commission. The previous NFC, established in July 2020, has been dissolved.
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