Article 160(1) of 1973 Constitution
NFC is constituted under Article 160(1) of the 1973 constitution (Annex I) and proposed to be held at the intervals of five years. Its members are Federal Finance Minister (Chairman), Provincial Finance Ministers and other concerning experts which the President may appoint after consultation with provincial Governors . The main charter of NFC is to recommend on the following :
- The distribution of specified taxes, duties between federation and provinces.
- The disbursement of grants to provincial governments.
- The borrowing powers exercised by federal and provincial governments.
- Any other financial matter referred to commission.
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