NFC held under chair of Asad Umar

LAHORE (92 News) – The first meeting of the reconstituted 9th National Finance Commission (NFC) with Finance Minister Asad Umar in the chair was held in Islamabad on Wednesday. The meeting formed six sub groups to put forward proposals for FATA affairs, ease of doing business, macro-economic issues and horizontal and vertical distribution of resources. The meeting emphasized for complete data sharing amongst the federal and provincial governments. During the meeting, the federal finance secretary gave detailed presentation to the participants on fiscal position of the country while the provincial representatives gave presentations on the financial position of their provinces. The meeting reviewed recommendations for better distribution of national resources under the new NFC award. The meeting agreed that fiscal allocation should reflect true spirit of 18th amendment. It was decided that the NFC will henceforth meet every six weeks. It was decided that the National Finance Commission secretariat at the ministry of finance will be further strengthened for effective coordination on different matters. The last NFC Award was signed in December 2009 that drastically increased the provincial share from the divisible pool. Earlier, Asad Umar has said that an easy method is being introduced to file tax returns. Addressing a ceremony of the Lahore Chamber of Commerce and Industry on Monday, he said that problems cannot be resolved till overcoming the trade deficit.