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Ministry of Finance (Pakistan)

Ministry of Finance
وزارت مالیات
Seal of Government of Pakistan
Agency overview
Formed August 14, 1947 (1947-08-14)
Jurisdiction Federal Government of Pakistan
Headquarters Islamabad, ICT, Pakistan
Agency executives Ishaq Dar, Minister
Waqar Masood Khan, Secretary
Website Official Website

The Ministry of Finance (Urdu:وزارت مالیات) (also called Ministry of Finance, Revenue, Economic Affairs, Statistics and Privatisation) is a cabinet-level department of the Government of Pakistan which was formed on 15 August 1947. The ministry is primarily concerned with promoting economic growth and activities throughout Pakistan.

The executive and political head of authority at the ministry is the Minister of Finance who must be an elected member of the Parliament of Pakistan. The current Minister of Finance is Mohammad Ishaq Dar.[1]

Contents

  • Organisational divisions 1
    • Finance 1.1
    • Revenue 1.2
    • Economic Affairs 1.3
    • Statistics Division 1.4
    • Former divisions 1.5
      • Planning and Development 1.5.1
  • See also 2
  • Citations 3
  • References 4
  • External links 5

Organisational divisions

Finance

The Finance Division (FD) is the most elite bureaucratic division under the Finance Ministry's purview. The FD comes under the supervision of the Secretary of Finance, an office held by Dr Waqar Masood Khan as of 2014.

The division's bureaucracy is divided into several wings and units as listed below:

  • Human Resource Management (HRM) Wing: Basic functions include the official business management of the organisation through the provision of effective [2]
  • Budget Wing: Basic functions include the coordination, preparation, printing and publishing of fiscal budgets and related documents for the federal government. The wing is also responsible for the implementation of the budgetary targets and preparing monthly reports thereon.[3]
  • Corporate Finance Wing: Basic functions include looking after the economic, financial, and corporate affairs of all Public Sector Entities (PSEs) that work under the administrative control of various federal ministries and their divisions.[4]
  • Economic Adviser's (EA) Wing: Basic functions include the publication of the Economic Survey of Pakistan, both in Urdu and English, prior to the announcement of the federal budget. The budgetary supplement evaluates the overall economic performance of the country based on various economic factors as evident in the preceding fiscal year's data.[5]
  • Expenditure Wing: Basic functions include the revision and finalisation of the federal budget, enforcement of economic measures and disbursements of pension funds.[6]
  • External Finance (EF) Wing: Basic functions include the arrangement of financing from international financial institutions for balance of payments and budgetary support. The EF wing also allocates and utilises the foreign exchange and releases and maintains the funds for both civil departments and the armed forces.[7]
  • External Finance Policy (EFP) Wing: Basic functions include the compilation of the Pakistan government's principal policy for macroeconomic governance and poverty reduction. The EFP wing also deals with multilateral and bilateral institutions like the ECO Trade and Development Bank, United Nations Development Programme (UNDP), Strengthening Poverty Reduction Strategy Monitoring Project (SPRSMP), Pakistan One UN Programme and the Joint Ministerial Commissions (JMCs/JECs).[8]
  • Economic Reforms Unit (ERU): Basic functions include the formulation of development strategies for the private sector and reviewing law, rules and regulations, pertaining to business environment that are obsolete, overlapping and inconsistent or unduly add to the cost of doing business.[9]
  • Military Wing: Basic functions include procurement of all defence equipment for the [10]
  • Development Wing
  • Internal Finance Wing
  • Investment Wing
  • Provincial Finance Wing
  • Regulations Wing

The FD also delegates its functions to specialised sub-departments within the division, which include the following:

Revenue

This division is headed by Secretary, Revenue Division; who usually is an ex officio Chairman of the Federal Board of Revenue (the supreme tax agency). This division (Federal Board of Revenue) is responsible for: (i) formulation and administration of fiscal policies, (ii) levy and collection of federal taxes and (iii) quasi-judicial function of hearing of appeals. 34878798909-

Economic Affairs

The Economic Affairs Division (EAD) is responsible for requirement assessment, programming and negotiations of external economic assistance concerning the Government of Pakistan and its constituent units from foreign governments and multilateral agencies.[11] Amongst its various functions are the management of external debt, provision of technical assistance to foreign countries, lending and re-lending of foreign loans, and monitoring of aid utilisation. The EAD has thirteen wings and comes under the supervision of the Secretary of Economic Affairs, an office held by Muhammad Saleem Sethi as of 2014.

Statistics Division

The Statistics Division includes these departments:

Former divisions

Planning and Development

Includes these semi-autonomous organizations:

See also

Citations

  1. ^ "Minister's Profile". Ministry of Finance. Government of Pakistan. Retrieved 12 July 2014. 
  2. ^ Finance Division 2011, p. 6
  3. ^ Finance Division 2011, p. 11
  4. ^ Finance Division 2011, p. 28
  5. ^ Finance Division 2011, p. 30
  6. ^ Finance Division 2011, p. 32
  7. ^ Finance Department 2011, p. 34
  8. ^ Finance Division 2011, p. 38
  9. ^ Finance Division 2011, p. 47
  10. ^ Finance Division 2011, p. 51
  11. ^ "Overview: Economic Affairs Division". Ministry of Finance, Revenue, Economic Affairs, Statistics and Privitisation. Government of Pakistan. Retrieved 12 July 2014. 

References

  • Finance Division (2011). Year Book 2010–2011. Islamabad: Government of Pakistan. 

External links

  • Finance Ministry
  • Finance Division
  • Revenue Division
  • Board of Investment
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