32.4 C
Perth
February 19, 2019
Business Latest Pakistan

First meeting of 9th NFC to be held today in Islamabad

ISLAMABAD: The first meeting of the ninth National Finance Commission (NFC) will be held today in Islamabad.

The first meeting of the commission is expected to discuss the financial position of the centre and the federating units and their income and expenditure trends.

The meeting is expected to the agenda for negotiations on the distribution of divisible tax pool funds among provinces and centre for the next five years.

The last PML-N government has urged the province to set a seven per cent resources from the divisible pool for expenses incurred on security. However, the provinces then resisted the centre demand.

The ninth NFC has been facing a deadlock over the centre’s demand since July 2015. Because of resistance from the provinces, the previous PML-N government had thought it better to delay discussions on the new award until after the 2018 general elections.

The commission was reconstituted recently by the Pakistan Tehreek-i-Insaf (PTI) government for working out a new award.

The last award was signed in December 2009 and has been effective since 2010-11. The award is often described as historic as it was agreed upon after a lapse of 20 years and drastically increased the combined provincial share from the pool that, under the constitution, could not be revised down.