Alvi assures support for growth of Islamic Finance

Alvi assures support for growth of Islamic Finance

President of Pakistan Dr. Arif Alvi has assured the support for the growth of Islamic Finance as the first meeting of reconstituted Ninth National Finance Commission (NFC) will be held on February 06, 2019, sources said on Monday.

The reconstituted Ninth National Finance Commission (NFC) is poised to convene its inaugural meeting on February 6, 2019, in Islamabad, marking a crucial step in addressing fiscal matters and resource allocation among federal and provincial entities, according to sources.

The meeting, which will bring together representatives from the finance divisions of the federal government, Punjab, Sindh, Khyber Pakhtunkhwa (KP), and Balochistan, is expected to delve into the current fiscal position. Presentations will be made by each entity to assess the financial landscape and contribute to discussions on the allocation of resources.

The recent reconstitution of the NFC by President Dr. Arif Alvi has garnered attention due to its critical role in determining the distribution of financial resources among the provinces. Comprising 10 members, the NFC includes the federal finance minister as its chairman and finance ministers from the provincial governments as members.

The Finance Division issued a notification outlining the composition of the NFC, appointing four economists to represent the provinces. Dr. Salman Shah will represent Punjab, Asad Syed will represent Sindh, Muhsarraf Rasool Cyan will represent KP, and Mahfooz Ali Kha will represent Balochistan. The federal finance secretary is designated as the official expert for the commission.

Among the key issues slated for discussion during the meeting are the resolution of jurisdiction disputes, harmonization of tax coding mechanisms, and the design of a uniform methodology for the taxation of interprovincial services. These topics underscore the importance of fostering cohesion and cooperation among federal and provincial entities to streamline fiscal processes.

In addition, the meeting will address the enhancement of agriculture income tax collection by the Federal Board of Revenue (FBR). This aspect is crucial for bolstering revenue streams and ensuring a fair and equitable distribution of financial resources among the provinces.

Capacity building initiatives for the provinces will also be on the agenda, reflecting a commitment to empowering regional entities in managing their fiscal responsibilities effectively.

The NFC’s role in shaping the fiscal landscape is pivotal for maintaining a balanced and equitable distribution of resources, fostering economic growth, and addressing the unique needs and challenges of each province. As the commission convenes for its first meeting, expectations are high for constructive dialogue and collaborative efforts toward achieving fiscal harmony and prosperity across the nation.