Khyber Pakhtunkhwa government has so far received Rs 23 billion under the head of Gas and electricity royalty while Rs 4.5 billion under the head of Net Hydel profit (NHP) from the Centre during the current fiscal year. This was disclosed by KP Minister for Finance, Muzaffar Said Advocate while speaking at a meeting held at Khyber Pakhtunkhwa Chamber of Commerce and industry (KPCCI), here on Wednesday.
The meeting chaired by KPCCI President Zulfiqar Ali Khan was attended by the chamber office bearers and members of business community. In fiscal year of 2014-15, the minister further said that the province had received Rs 24 billion from the Centre under the head of Net hydel profit (NHP). He assured that the provincial government would take all possible measures for resolving problems being faced by the business community.
During the meeting, the business community demanded of the provincial government to spend half amount of National Finance Commission (NFC) on business development in the province. They also sought representation in a committee headed by MPA Shaukat Yousafzai, ending of double taxation, providing soft loans to traders from the Bank of Khyber, launching of special schemes and bringing new taxpayers into the tax-net.
The KP finance minister on the occasion announced the formation of Finance Advisory Committee (FAC), comprising members nominated by the Khyber Pakhtunkhwa Chamber of Commerce and Industry (KPCCI). He explained the proposed FAC would assist the provincial finance department in preparation of financial budget and formulation of economic policies.
KPCCI President Zulfiqar Ali Khan asked the provincial government to exempt terrorism-affected business community from all taxes. He further said that the government should consult with the chamber before the formulation of economic policies and provincial fiscal budget. The KPCCI chief said the business community had rendered matchless sacrifices in war against terrorism, and demanded the provincial government to announce a relief package as extended by federal government for the community. He said the business community would not accept any double taxation in the province. The minister especially invited the KPCCI president to attend meeting, which is going to be held today regarding the NFC Award.