Finance Act limits financial assistance to PQA, CAA and NADRA |

Finance Act limits financial assistance to PQA, CAA and NADRA

KARACHI: The federal government has limited the financial assistance in a given year for Port Qasim Authority (PQA), Civil Aviation Authority (CAA) and National Database Registration Authority (NADRA) to the extent of their contribution in the Federal Consolidated Fund (FCF).

Through amendments notified vide Finance Act FY19-20 in Port Qasim Authority Act 1973, Civil Aviation Authority Ordinance 1982 and National Database and Registration Authority Ordinance, 2000, the federal government notified that the deficit from the actual expenditure of these authorities will be made up by the federal government to the extent of funds deposited in FCF.

PQA, CAA and NADRA are advised that any surplus of receipts (after tax) over the actual expenditure will be remitted to the Federal Consolidated Fund (FCF).

Moreover, all fines and penalties recovered by these authorities will be credited to the Federal Consolidated Fund.

Port Qasim Authority was established through an act of parliament on June 29, 1973. PQA is the 2nd deep sea industrial-cum-commercial port operating under landlord concept.

National Database and Registration Authority (NADRA) was established as National Database Organization (NDO), an attached department under the Ministry of Interior, Government of Pakistan in 1998.

According to the latest financial statements available on the website of CAA website, the authority recorded total income of Rs71.419 billion and posted a net surplus of Rs28.014 billion for the year ended June 30, 2017.

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