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India and Lanka still sorting fishermen issue

“There are plus points for take off for short term and long term. There is an ideal platform,” he said.A team of investors will be visiting Kerala in August to hold talks with Chamber of Commerce and captains of industry.The Sri Lankan High Commissioner called on the Governor, P. Sathasivam; Chief Minister Oommen Chandy; and Ministers P.K. Kunhalikutty, A.P. Anil Kumar, Anoop Jacob, and Thiruvanchoor Radhakrishnan; and held discussions. Seneviratne, who is on a four-day visit to Kerala to foster ties between Kerala and Sri Lanka on various sectors, including tourism, said the fishermen issue was a human, economic, and social problem and the two governments were sorting it. The poor fishermen would be affected if the ecosystem was destroyed by trawlers. Both the governments were aware of the security issues and chances of drugs and arms smuggling, he said. “India and Sri Lanka need to guard themselves. A mutual interest and understanding is needed. We have to support India for safeguarding us and India should do vice-versa,” the High Commissioner said. Seneviratne said “we do not want others to come and advice us. We are a historical society for 100 years. We can resolve issues through discussions.”Stating that Kerala has a high priority for Sri Lanka, the High Commissioner said they were working for new initiatives and there were “good vibrations.” India and Sri Lanka are still sorting the fishermen issue, the High Commissioner of Sri Lanka to India Sudharshan Seneviratne has said.He also said that countries making their presence in the Indian Ocean should respect the geographical reality, individuality, and security of the nations in the region, The Hindu newspaper reported. read more

Canada Revenue Agency expects to track down 400M in tax crackdown

by Craig Wong, The Canadian Press Posted Feb 23, 2017 12:58 pm MDT Last Updated Feb 23, 2017 at 3:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Canada Revenue Agency expects to track down $400M in tax crackdown OTTAWA – Canadian tax authorities expect to track down $400 million this year they say are owed as part of a campaign to crack down on tax evasion by big international companies and wealthy individuals, particularly those using offshore tax havens, a top official says.The Liberal government provided extra cash to the Canada Revenue Agency in last year’s budget to pursue wealthy tax cheats. The agency is “ahead of plan” in terms of hitting its target, says Ted Gallivan, assistant commissioner at CRA’s compliance programs branch.“I don’t think raising the revenue is going to be a challenge for us because we have a strong record of generating tax revenue by identifying non-compliance,” Gallivan said.The $400 million is a small fraction of the $13 billion CRA is expected to recover from its audits in this fiscal year, but it is expected to grow.The 2016 federal budget included $444.4 million over five years to help the agency crack down on wealthy tax cheats. The program is expected to garner $2.6 billion in extra tax revenue over that period.CRA also said there will also be additional assessments above the $2.6 billion for provincial tax, interest and penalties.The extra money in the budget has been used to hire staff and start building the information technology infrastructure to review large international transfers of money in real time.Gallivan says CRA has been careful in spending the extra money, adding to the ranks of auditors for large multinational companies, targeting promoters of illegal tax schemes and beefing up the criminal investigation teams with lawyers at the earliest stages.“It allowed us to ramp up the pressure in many areas without decreasing the pressure in other areas,” he said.University of Ottawa tax law professor Vern Krishna called the $400 million remarkable, but expressed skepticism regarding the figure, noting that the appeal process at CRA can take a long time.CRA said there will be appeals, litigation and collections issues that will result in some of the funds not making their way into federal coffers, but noted that the budget in 2016 also included money to enhance the CRA’s collection capacity.Gallivan said the agency is also reviewing its voluntary disclosure rules with an aim to tighten that program. The program can reduce penalties for those who notify authorities when they have failed to pay their taxes.CRA estimates the program will help identify $1 billion in income that might otherwise have been hidden this year.Gallivan noted the changes being looked at include whether to continue allowing Canadians to use the program more than once.“Should you really kind of have a second kick at the can?” Gallivan asked.“Somebody who does it twice, deliberately and with a lot of legal advice and thinking around it, that’s not really what we want.”He said the payment requirements when someone makes a disclosure under the program are also being reviewed.Public consultations on the changes are expected to start in the spring with recommendations seen ready for the fall.National Revenue Minister Diane Lebouthillier accepted Thursday the recommendations regarding tax evasion in a report by the House of Commons finance committee.Among the recommendations in the report is a comprehensive review of the voluntary disclosure program and a review of guidelines used to determine whether to pursue litigation or seek a settlement with tax evaders.The report also recommended the minister strengthen protections for informants.Note to readers: This is a corrected story. A previous version said Canadian tax authorities were on track to recover $400 million this year. read more