2

ACT I OF 2020 ACT I OF 2020 BALOCHISTAN FINANCE ACT, 2020 An Act to continue and revise certain taxes and fees and enacting the law of public finance management in the Province of Balochistan [Gazette of Balochistan Extraordinary, 15th July, 2020] No. PAB / Legis: II(01) / 2020, dated 15.7.2020.---The Balochistan Finance Bill, 2020 (Bill No.01 of 2020) having been passed by the Provincial Assembly of Balochistan on 29th June, 2020 was sent to the Hon'ble Governor Balochistan on the same date for assent under Article 116 of the Constitution of the Islamic Republic of Pakistan. Since the Hon'ble Governor has not assented to the Bill within the stipulated period of ten days, therefore, the same is deemed to have been assented to in terms of provisions of Article 116 of the Constitution of the Islamic Republic of Pakistan. Hence, the Balochistan Finance Bill, 2020 (Bill No.01 of 2020) is hereby published as an Act of the Provincial Assembly of Balochistan. Preamble.---Whereas it is expedient to continue and revise certain taxes, fees and public finance management Balochistan Province and for the matters connected therewith or ancillary thereto; It is hereby enacted as follows: - 2. Enactment of Public Financial Management Act, 2020.---It is hereby enacted the Public Finance Management Act, 2020, in the manner as follows:- to strengthen management of public finances with the view to improve definition and implementation of fiscal policy for better macroeconomic management, to clarify institutional responsibilities related to financial management, and to strengthen budgetary management; WHEREAS matters mentioned above are pivotal for reducing public debt and management of public finances; AND WHEREAS as defined under Article 119 of the Constitution of the Islamic Republic of Pakistan, it is expedient to provide for regulating the custody of the Provincial Consolidated Fund, the payment of moneys into that Fund, the withdrawal of moneys therefrom, the custody of other moneys received by or on behalf of the Government, their payment into, and withdrawal from, the Public Account of the Province, and all matters connected therewith or ancillary thereto; AND WHEREAS to give elaborate mechanism of public finance management as envisaged in Articles 118 to 127 and 160 to 171 of the Constitution and to guide budgetary management processes, financial and fiscal controls, cash and banking arrangements, and financial oversight of public entities; It is hereby enacted as follows: -