Finance department, Punjab (Pakistan)

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Finance Department is a department of Government of Punjab, Pakistan. The Finance Department is responsible for supervision and control of provincial finances, preparation of provincial budget, formulation of Financial Rules, management of public debt.[1]

It is headed by the a provincial minister with coordination of a finance secretary. Makhdoom Hashim Jawan Bakht is the provincial minister of Punjab since 27 August 2018.

Functions[]

The major functions of Finance Department are:[2]

  • Management of public funds
  • Framing of financial rules for guidance of departments
  • Supervision of accounts of provincial departments
  • Flotation and administration of provincial loans
  • Administration of public revenue
  • Audit matters of provincial receipts and expenditure

Wings[]

Following are the main Wings of Finance Department to perform and manage the functions of the department:[3]

  • Budget Wing
  • Regulations Wing
  • Local Government Finance
  • Economic Services Wing
  • Social Services Wing
  • Policy Analysis Cell
  • Monitoring Wing

Attached Departments[]

Punjab Revenue Authority[]

Punjab Revenue Authority is Semi Autonomous Revenue Administration for the collection of tax on services in the province. After Eighteenth Amendment to the Constitution of Pakistan collection of sales tax on Services was transferred to provincial governments by federal government.[4][5][6]

Local Fund Audit[]

Local Fund Audit (LFA) Department is responsible for personnel administration of the Treasuries and Local Fund Audit establishments.[7]

Risk Management Unit[]

Risk Management Unit (RMU) is the fiscal guardian for projects using Public Private Partnership (PPP) approach for procurement of infrastructure projects.[8]

Punjab Pension Fund[]

Punjab Pension Fund (PPF) Punjab Pension Fund, a body corporate, was formed after the promulgation of Punjab Pension Fund Act in 2007. The purpose of the Fund is to generate revenue for the discharge of pension liabilities of the Government. Punjab Pension fund is managing two tpes of funds, Punjab Pension Fund (PPF) and Punjab General Provident Investment Fund (PGPIF).[9]

See also[]

External links[]

References[]

  1. ^ About Us | finance.punjab.gov.pk
  2. ^ Overview | finance.punjab.gov.pk
  3. ^ Wings | finance.punjab.gov.pk
  4. ^ Punjab Revenue Authority (PRA) | finance.punjab.gov.pk
  5. ^ Punjab Revenue Authority to collect GST on services - thenews.com.pk
  6. ^ Establishment of Punjab Revenue Authority challenged | Business Recorder
  7. ^ Local Fund Audit (LFA) | finance.punjab.gov.pk
  8. ^ About Us | Risk Management Unit
  9. ^ About Us | Punjab Pension Fund


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