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var one = new Array("FBR for extraordinary taxation measures Rs 1.7 trillion revenue target for fiscal year 2011","ISLAMABAD","The Federal Board of Revenue FBR has made it clear to the Finance Division that extraordinary taxation measures should be put in place urgently for achieving the ambitious revenue collection target of Rs 1.7 trillion for 2010-11. Sources told Business Recorder here on Tuesday that the FBR has submitted budget proposals pertaining to direct and indirect taxes to Finance Ministry for meeting the projections of Rs 1.7 trillion target for next fiscal year.")

var two = new Array("Open Budget Index Pakistan at bottom in the list of regional states","ISLAMABAD","Pakistan stands at the bottom of a list of regional countries with respect to the Open Budget Index as it provides minimal budget and financial information to the general public. The Open Budget Index evaluates the quantity and type of information available to the public in a countrys budget documents. Pakistans overall score is 38 percent on the Open Budget Index 2008.")

var three = new Array("Centre-Sindh dispute on VAT Hajj policy Prime Minister invites chief ministers to discuss issues","ISLAMABAD","Prime Minister Yousaf Raza Gilani has invited the Chief Ministers of the provinces on Wednesday in the Cabinet meeting to develop political consensus and resolve the dispute between Federal and Sindh governments regarding collection of value added tax VAT on services from July 1 2010. Sources said that implementation of VAT and Haj policy which was deferred in the last meeting are among other agenda items of the Cabinet meeting.")

var four = new Array("Cabinet to approve draft Pakistan Savings Bill 2010","ISLAMABAD","The Cabinet which is scheduled to meet on Wednesday will approve the draft of Pakistan Savings Bill 2010 for introduction in Parliament after conversion of CDNS into Pakistan Savings. The Central Directorate of National Savings CDNS is an attached department of Finance Division whose prime objective is to promote domestic savings through sale of savings instruments which provide non-bank financing for the budget.")

var five = new Array("Economic stability taking hold IMF","ISLAMABAD","Pakistans economy is getting back on an even keel after a balance of payments crisis 18 months ago but it remains vulnerable to shocks and a risky market for investors the IMFs representative in Islamabad said on Tuesday. Political uncertainty chronic insecurity and a budget deficit inflated by spending to tackle a Taliban insurgency are all threats to recovery but the outlook is far brighter than when Pakistan was on the brink of default in 2008.")

var six = new Array("MENAP growth rate set to reach 4.2 percent: IMF","ISLAMABAD","The International Monetary Fund IMF has observed that growth rate in the Middle East, North Africa, and Pakistan (MENAP) is set to reach 4.2 percent in 2010 as the global economy recovers but the region is still coping with the legacy of the global economic meltdown.")

var seven = new Array("Budget sessions summoned on June 3","ISLAMABAD","President Asif Ali Zardari on Tuesday summoned the budget sessions of the National Assembly and Senate on June 3 at 5pm and 4pm, respectively.")

var eight = new Array("Implementation of verdict on NRO government given two weeks to tell Supreme Court what it has done","ISLAMABAD","Federal law minister Babar Awan on Tuesday asserted that there was no money laundering case against President Asif Ali Zardari. Initially however he neither confirmed nor denied the existence of over 60 million dollars in Swiss banks purportedly in accounts held by the President but later termed the amount an exaggeration.")


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