President Asif Ali Zardari on Friday constituted the 11th National Finance Commission to announce a new award for the sharing of federal divisible resources between the Centre and the provinces.
A notification from the Finance Division said the president constituted the commission with the following composition: Finance Minister Muhammad Aurangzeb as the chairman, the four provincial finance ministers, former bureaucrat Nasir Mahmood Khosa as a member representing the Punjab government, economist and researcher Asad Sayeed as a member representing the Sindh government, former bureaucrat Dr Musharraf Rasool Cyan as a member representing the Khyber Pakhtunkhwa government and Farmanullah as a member representing the Balochistan government.
The commission will make recommendations to the president on the distribution between the federation and the provinces of the net proceeds of the taxes mentioned in clause (3) of Article 160 of the Constitution.
It will also recommend the president regarding the grants-in-aid by the federal government to the provincial governments; the exercise, by the federal government and the provincial governments, of the borrowing powers conferred by the Constitution; issues relating to the sharing of financial expense incurred or to be incurred by the federation in respect of subjects and matters falling within the domain of the provinces; issues relating to the sharing of financial expense incurred or to be incurred by the federation or the provinces or both in respect of trans-provincial matters; issues relating to financial expense for national projects to be shared by the federation and the provinces; and any other matter relating to finance referred to the commission by the president.
More to follow.