Provinces to get 43 percent share in taxes
February 19, 2014 - 3:09:12 am
ISLAMABAD: The federal government’s payments to provinces on account of their share in taxes have so far remained largely in line with projections, allowing the four federating units to show surplus budget in the first half of the current fiscal year.
From July to December 2013, the centre transferred Rs646.5bn or 43 percent of annual commitments made under the National Finance Commission (NFC) Award to provinces, according to a fiscal operations summary released by the Ministry of Finance yesterday.
Ideally, the ratio should have been 45 percent.
There was a gap of about Rs30bn between the projections and actual transfers due to less than anticipated tax collection by the Federal Board of Revenue.