Shaukat Tareen to preside over 2nd NFC meeting tomorrow

Second meeting of the National Finance Commission (NFC) will be held tomorrow under the chairmanship of Finance Minister Shaukat Tareen. Constitutional status of sales tax on services between the federal government and Sindh province would be decided in the meeting. The federal government believes that it was federal governments right to collect taxes on banking, telecom, freight and travel tickets. On the other hand, province of Sindh considers that only provinces can collect taxes on services under the 1973 Constitution. Province of Sindh would also clear its position on the division formula for gas development surcharge. Sindh objected the changing of division formula for gas development surcharge of Balochistan. A briefing regarding income gaining from petroleum development levy would also be given during the meeting.