- Federal finance minister to chair new NFC.
- Provinces nominate experts alongside finance ministers.
- Terms include tax, grants and fiscal powers.
ISLAMABAD: President Asif Ali Zardari has formally constituted the 11th National Finance Commission (NFC) to address critical fiscal matters between the federation and the provinces.
The commission, consisting of nine members, was announced through a notification issued by the Finance Division on Friday, which also dissolved the 10th NFC formed in July 2020.
According to the notification, the Federal Minister for Finance will chair the commission, while the finance ministers of Punjab, Sindh, Khyber Pakhtunkhwa, and Balochistan will serve as ex-officio members.
Each province has also nominated one expert, raising the total number of members to nine. Punjab will be represented by Nasir Mahmood Khosa, Sindh by Dr Asad Sayeed, Khyber Pakhtunkhwa by Dr Musharraf Rasool Cyan, and Balochistan by Farman Ullah.
The NFC has been tasked with making recommendations to the president regarding the distribution of net proceeds of federally collected taxes among the federation and provinces, grants-in-aid to provinces, and the borrowing powers of both federal and provincial governments.
It will also deliberate on the sharing of financial responsibilities for national projects, trans-provincial initiatives, and other fiscal matters referred by the President.
