ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh was informed on Monday that revenue generation by the Federal Board of Revenue was on track and the target of Rs1,952 billion for the current financial year will be achieved.

A meeting, presided over by Dr Shaikh, was informed by the FBR chairman that net collection for the first seven months (July-January) of the 2011-12 financial year had reached Rs975 billion, showing a growth of 26 per cent over the same period last year.

The meeting, which was held to review FBR's performance, analysed month-to-month performance figures for the July-January period and for the remaining months of the year and scrutinised administrative reforms made in the board to improve revenue generation efforts.

The administrative measures generated about Rs40 billion in the first seven months and the adviser on finance outlined additional administrative efforts of Rs50 billion, which will be needed till June 30.

'These efforts will focus on audits, broadening of tax base, and collection from demands created, stuck-up arrears and recovery of illegal sales tax adjustments," the FBR chief told the meeting.

A presentation about progress on broadening the direct tax base was made at the meeting and the adviser on finance instructed the FBR to accelerate the pace of registration of new taxpayers.

The adviser reviewed performance of each tax region, laying out a plan for the FBR chairman to strengthen the performance of the chief commissioners concerned to ensure fulfilment of their targets.

Commending FBR's efforts, Dr Shaikh emphasised the need to focus on broadening of tax base, tax compliance and enforcement of tax returns.

He laid out principles for the next budget and desired that the tax system should be simple, transparent, consistent and predictable.

The deputy chairman of the Planning Commission, finance secretary, planning secretary and officials of the finance ministry attended the meeting.