Punjab Finance Minister Tanveer Ashraf Kaira has said that progress has been made with regard to horizontal revenue sharing in the first day of the National Finance Commission (NFC) meeting and the provinces have put forward their proposals regarding population, area, revenue and the level of backwardness and different formulas have also been presented.
He was talking to media men after a meeting regarding the NFC Award here on Wednesday. The Minister said matters regarding revenue generation and backwardness would be settled in the meeting to be held Thursday. "View point of Punjab is that as taxes are paid by the people, therefore the money should be spent on them and tax generation is a strong basis for this purpose.
Punjab has adopted a flexible attitude on NFC and it is hoped that the provinces would agree on mutual formula regarding distribution of resources. "Interests of people of Punjab would be fully safeguarded," he added.
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