ISLAMABAD, (Pakistan Point News - 03rd Nov, 2016 ) : Minister for Finance, Muhammad Ishaq Dar on Thursday directed the authorities concerned to expedite work for early completing the 8th National Finance Commission (NFC) Award. The minister emphasized that since the initial work has been completed, it was now time to expeditiously move to the next steps for completion of the award. While chairing a meeting to review the progress so far achieved by the Working Groups constituted by the NFC for the next NFC Award, the minister stated that all stakeholders needed to focus on resource mobilization and strengthening of relations between the federation and the provinces to achieve national harmony and partnership on the path to development and progress.
He directed the relevant federal ministries to complete inter-ministerial consultation on recommendations of the four Working Groups by end of next week. He also stressed on doubling efforts both at the federal and provincial level to increase revenue mobilization in order to achieve higher GDP growth. During the meeting the finance minister was briefed on the progress of the four Working Groups which were established in the first NFC meeting held on April 28, 2015.
The finance minister was briefed that draft reports of the four Working Groups on Resource Mobilization, Devolved Vs Integrated Tax Structure, Allocation Efficiency and Expenditure Analysis and Rationalization of Subsidies and Grants have been completed. The initial reports of the three groups were discussed in a meeting on September 5, 2016 at Lahore. The 4th report is complete for sharing with the provincial governments. The finance minister directed that the next NFC meeting should be convened by end November, 2016. The meeting was attended by senior officers of Ministry of Finance and the Federal board of Revenue.