ISLAMABAD - The federal government has transferred Rs1.3 trillion to the four provinces under the National Finance Commission Award during nine months (July-March) of the ongoing financial year.

The released amount constitutes 72 percent of the budgeted Rs1.8 trillion to be disbursed to the provinces in this fiscal year. Under the 7th NFC Award, the federal government is bound to transfer 57.5 percent resources to all the four provinces from the Federal Divisible Pool.

The provinces would receive the entire amount of Rs1.8 trillion, estimated in the budget, as the Federal Board of Revenue (FBR) would achieve its annual tax collection target of Rs3.1 trillion.

Finance Minister Ishaq Dar said on Saturday that the FBR was set to achieve the revenue target of Rs 3100 billion this year.

He also said this constituted 56 percent increase in the revenue collected during the last three years, as collection stood at Rs 1946 billion in 2013.

According to the NFC formula, Punjab’s share stands at 51.74 percent, Sindh’s at 24.55 percent, KP’s at 14.62 percent, including one percent for war against terror and Balochistan’s at 9.09 percent.

The break-up of Rs1.3 trillion shows that Punjab government received Rs595.2 billion. It had generated only Rs91.6 billion from different taxes. The Sindh government received Rs329.6 billion, while it only collected Rs83 billion from provincial taxes.

According to the figures, the Khyber Pakhtunkhwa government received Rs200.6 billion, under the NFC Award, while it generated only Rs9.1 billion from the provincial taxes.

Similarly, the Balochistan government received Rs127.7 billion from the federal government, while it could collect only Rs2.9 billion from different taxes.

The provinces recorded surplus budgets of Rs107.3 billion, as their expenditures remained at Rs1419.3 billion as compared to the revenues of Rs1526.6 billion. Punjab’s surplus budget stands at Rs8.5 billion, while expenditures of the Punjab government were registered at Rs706.6 billion and revenues at Rs715.1 billion.

The Sindh government’s expenditures remained at Rs348.8 billion as against the revenues of Rs430.7 billion with surplus budget of Rs81.9 billion. The Khyber Pakhunkhawa’s budget was also in surplus of Rs1.5 billion, as their expenditures were Rs231.5 billion as against the revenues of Rs233 billion.

The Balochistan government’s expenditures remained at Rs132.4 billion as compared to the revenues of Rs147.8 billion, with a budget surplus of Rs15.4 billion during first nine months of the current fiscal year.

Online adds: Speaking at a pre-budget seminar here on Saturday, Dar said, “One-third SROs were withdrawn during first year of the present government’s tenure, one-third during current year and the remaining would be withdrawn during the next year.”

Dar further said that fiscal deficit, which stood at 8.8 percent of the GDP in 2013, had been brought down to 4.3 percent this year.

“The present government abolished discretionary funds of the prime minister in the very beginning,” he informed.

The minister said the government was pursuing the policy of three Es: economy, energy and extremism, to build a strong foundation for national progress and development.

He invited all political parties to give their inputs for delineating a concrete roadmap for strengthening the economy.

Saying that there should be no politics on economy, Dar called for a charter of economy in the line of charter of democracy.

He said the government believed in consultations, and all positive suggestions would be included in the budgetary proposals.