ISLAMABAD: President Asif Ali Zardari has constituted the 11th National Finance Commission (NFC) under Article 160 (1) of the Constitution to prepare a new award for the distribution of divisible resources between the federation and the provinces.
According to a notification issued by the Ministry of Finance, Federal Finance Minister Muhammad Aurangzeb will serve as chairman of the commission, while the finance ministers of all four provinces will be its members.
The NFC will have a total of nine members, including one expert nominated by each province. Punjab has nominated former bureaucrat Nasir Mehmood Khosa, Sindh has nominated economist Dr Asad Saeed, Khyber Pakhtunkhwa has nominated Dr Musharraf Rasool, and Balochistan has nominated Farmanullah as members of the commission.
The notification stated that the Federal Ministry of Finance will provide secretariat support to the commission.
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Under the terms of reference, the NFC will recommend the distribution of net taxes between the federation and provinces, suggest the formula for grants-in-aid from the federal government to provinces, and review national expenditure needs, including major development projects.
It is worth mentioning that under the Constitution, the NFC is formed every five years. The award determines the share of provinces in the federal divisible pool of revenues through a specified formula.
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