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FBR Performance Reviewed – Revenue efforts are on track, Advisor.

A meeting on FBR’s performance was held on 20th February 2011 under the chairmanship of Dr. Abdul Hafeez Shaikh, Advisor to Prime Minister on Finance and Revenue. The meeting was attended by the Deputy Chairman Planning Commission, Chairman FBR, Secretary Finance, Secretary Planning and officials of the Finance Ministry and FBR. The meeting concluded that the revenue efforts are on track with the expectation of meeting the budgetary target of Rs. 1952 Bn for FY11-12. Analysis of month to month performance figures for the first seven months and for the remaining months of the year were reviewed. Chairman FBR apprised the meeting that FBR’s net collection for the first 7 months was around Rs. 975 Bn which is a growth of more than 26 percent over same period last year. Administrative revenue efforts of FBR were also thoroughly scrutinized. In the first seven months these administrative measures generated about Rs. 40 Bn. Advisor on Finance and Revenue outlined additional administrative efforts of Rs. 50 Bn which will be needed in the remaining four months of FY12. These efforts would focus on audits, broadening of tax base, and collection from demands created, stuck-up arrears and recovery of illegal sales tax adjustments. A detailed presentation on progress on broadening of direct tax base was made. The Advisor on Finance and Revenue instructed FBR to accelerate the pace of registration of new taxpayers. The Advisor reviewed the performance of each tax region laying out a plan for the Chairman FBR to further strengthen the performance of the concerned Chief Commissioners to ensure fulfillment of their targets. Advisor on Finance and Revenue while commending FBR’s efforts further emphasized the need to continue focus on broadening of tax base, tax compliance and enforcement of tax returns. The Advisor also laid out the principles for the forthcoming budget. He directed that the tax system should be simple, transparent, consistent and predictable.