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Home / Business / 7th NFC Award: Centre provides Rs1,264b to provinces from FBR’s Rs2,254b revenue, says Dar
7th NFC Award: Centre provides Rs1,264b to provinces from FBR’s Rs2,254b revenue, says Dar

7th NFC Award: Centre provides Rs1,264b to provinces from FBR’s Rs2,254b revenue, says Dar

ISLAMABAD: The federal govt provided Rs1,264 billion from the Rs2,254.5 billion of the Federal Board of Revenue collection during the fiscal year 2013-14.

Besides shares on account of royalties and grants provided to provinces are: Punjab Rs8.8 billion, Sindh Rs82.6 billion, KP Rs29.97 billion and Balochistan Rs14.9 billion.

Finance Minister Ishaq Dar stated this while chairing a meeting of National Finance Commission (NFC) held to monitor the pace of implementation for 2nd biannual period (January-June 2014) of financial year 2013-14.

The minister informed that as per commitment with provinces made at the forum of Council of Common Interest (CCI), the federal government was providing Rs2.57 billion to the provinces for the cash surpluses maintained with SBP during the first quarter of current financial year 2014-15.

Ishaq Dar announced that as per the commitment the federal government was providing Rs999.922 million to Punjab, Rs18.021 million to Sindh, Rs1,015.976 million to KP and Rs533.725 million to Balochistan to help the province to ensure cash surpluses maintained with SBP.

The meeting was attended by the provincial Finance Ministers, finance secretaries, respective provincial members and other senior officials.

All the members after detailed deliberations unanimously approved the report for presentation to the Parliament and Provincial Assemblies.

According to the report, during the FY 2013-14 the FBR reported a collection of Rs 2254.5 billion out of which Rs1264 billion was provided to the province according to their share.

The meeting also had detailed deliberations on the reporting mechanism of the FBR.