James Langton The initial deadline for complying with FATCA when opening new accounts and to start due diligence on existing accounts is July 1; with additional milestones set to take place over the next three years. “Non-compliance with FATCA was never a realistic option for Canadian financial institutions and their clients who have built a significant presence in U.S. capital markets. This offshore business is increasingly important to the overall growth of these institutions, and to underlying profitability and shareholder returns,” Russell notes in his letter. “Acknowledging the need for FATCA compliance to maintain Canada’s competitiveness, the IIAC began seeking relief from both the U.S. and Canadian governments from the most onerous requirements of FATCA to minimize the cost and impact of compliance on as many of our members and their clients as possible.” The result, is an inter-governmental agreement (IGA) for FATCA compliance that was agreed between Canada and the U.S. earlier this year, and the adoption of federal legislation to implement the deal that was passed earlier this month. Absent this sort of agreement with the U.S. authorities, the IIAC warns that, “the reporting obligations could have become even more onerous over time.” Instead, the IIAC says that, “The agreement that has been struck between Canada and the U.S. ensures the exclusion from the scope of FATCA registered investment accounts that are at an extremely low risk for use as tax evasion vehicles: RRSPs, RRIFs, RESPs, TFSAs and RDSPs. This means that millions of account holders saving for retirement, education, or other important life events would be outside the scope of FATCA’s reach. Perhaps just as importantly, Canada’s unique definition of “financial institution” in the implementing legislation means that thousands of Canadian accountholders that are small family trusts will be relieved of expensive and time consuming registrations and filings.” It stresses that the IGA approach “… balance[s] the need for information sharing with the right to consumer privacy, by allowing financial institutions to provide information to local tax authorities who will set and maintain standards for security of transmission and ensure that any other countries with which they share information also have high standards. We expect any sensitive taxpayer information exchanged should be on a secure basis, and subject to appropriate oversight by tax authorities.” Looking ahead, the IIAC says that it will continue working with dealers, Canadian and international tax authorities, and other financial industry groups “to ensure the Canadian approach to tax information-sharing is developed in the most pragmatic and sensible way possible.” Facebook LinkedIn Twitter U.S. announces revised tax amnesty program Keywords FATCACompanies Investment Industry Association of Canada Share this article and your comments with peers on social media Related news Fund industry looks for clarity on FATCA With the initial deadline for compliance with the new U.S. tax legislation, known as the Foreign Account Tax Compliance Act (FATCA), looming next week, the Investment Industry Association of Canada (IIAC) says that it’s focused on minimizing the impact of the new rules on Canadian firms and investors. In his latest letter to the industry, IIAC president and CEO, Ian Russell, details the trade association’s efforts, first to fight FATCA — which was initially proposed in 2009 and passed into law in early 2010 — and then to ameliorate the effects on the Canadian industry and its clients. FATCA challenge denied
By Alphea Saunders, JIS Senior Reporter 2,945 Employed Under JEEP InformationMay 3, 2012 RelatedArchives Critical to Jamaica’s History Related2,945 Employed Under JEEP FacebookTwitterWhatsAppEmail A total of 2,945 persons have been employed through the Jamaica Emergency Employment Programme (JEEP) across 25 constituencies, since the start of the initiative in March. Minister with responsibility for Information, Senator the Hon. Sandrea Falconer, provided an update on the programme on May 2 Jamaica House press briefing at the Office of the Prime Minster. She informed that 788 persons are employed under the Ministry of Agriculture and Fisheries; 47 under the Ministry of Education; 10 under the Ministry of Labour and Social Security; and 2,100 through the National Works Agency (Ministry of Transport Works and Housing). “Forty nine constituencies have submitted and developed projects, and works have started in 29 – these projects range from bushing, drain formation, cleaning of earth drains, gully repairs, repairs to school roofs and retaining walls,” she outlined. The Minister noted that the NWA has indicated that work has started in North West Clarendon, Northern Clarendon, North West Manchester, South Manchester, North East St. Elizabeth, South West St. Elizabeth, South East St. Mary, Western St. Mary, Central St. Mary, North East Manchester, East Portland, Western St. Thomas, South West St. Ann, North West St. Ann, South East St. Ann, North West St. James, Central St. James, East Central St. James, South St. James. She noted that the JEEP Secretariat reviews all projects that are submitted by Members of Parliament (MPs), and conducts site inspections before approval. MPs are mandated to submit projects up to a maximum of $10 million from their constituencies for JEEP. Under this first phase of the programme, the target is to employ 5,000 persons by June. Related2,945 Employed Under JEEP Advertisements
Today we continue to see financial lawlessness on a grand scale that undermines the rule of law itself, as the political rulers engage in nefarious financial indulgences on a very un-level playing field. All the chips today are stacked against the poor and the working class, and funnily enough, it has always been this way for most of our independent half-century. Teachers cannot get the increases they deserve, but this Granger Administration has set aside just under G$1 billion in the 2017 Budget for executive travel and overseas accommodation for the ruling elites. Sugar workers by the thousands will be sent on the breadline soon, but an army of presidential advisors opportunistically introduced into the public sector payroll will burn some G$400 million per year from the Treasury.To add salt to the wounds in this ANIMAL FARM mentality, we read in the 2016 Auditor General Report that some $696.3 million were granted from the Contingency Fund to meet routine expenses, in total violation of the spirit and intentions of the law. Only a certified dunce or a dictator will want to test our Constitution this much.Today we see President Granger testing the Constitution in all forms. It is like he has an obsession with allowing all and sundry to trample upon the laws of Guyana in his name. The latest example is the exposure by the courts of their interference with the work of the Police Services Commission.Though I must not blame Mr. Granger singularly for the financial skullduggery of the Minister of Finance, he ought to know that every act is done in his name, because everyone in the cabinet room is his creature. They are his Frankensteins!Parliament in 2003 passed the Fiscal Management and Accountability Act (FMAA), which sets out in detail the authority and principle governing when the Contingency Fund is tapped. Section 41 of the FMAA gives effect to the Guyana Constitution by illustrating that the circumstances under which the Minister can access the Contingency Fund are severely limited. The overriding test is threefold: the expenditure must be urgent, unavoidable and unforeseen. Further, he can use this fund only where delay would cause injury to the public interest. He cannot use the Contingency Fund to spend G$456 million for payments on the Durban Park Parade Ground, because clearly it was not unavoidable, it was not urgent, and it was not unforeseen. But this is exactly what he did in 2016.Think about it: no money to pay the severance of the Wales Sugar Estate workers, but Mr. Granger got G$456 million to fund a Parade Ground. This is how bad habits are formed. These were the same people thumping their desks with their ashtrays in the previous Parliament when Dr. Ashni Singh was accused of the same abuse. Isn’t this the attitude of “intellectually bankrupt hypocrites”?Such bad financial attitudes were expected from the PNC Ministers immediately after they granted themselves the 50 percent increase in salaries. This is the DNA of the same old PNC “wolves in sheep clothing”, who historically have proven themselves as masters at starving the poor to feed the Congress Place boys and girls. But what was shocking to me was how the AFC and WPA representatives in Parliament have behaved since June 2015? After all, Mr. Khemraj Ramjattan, as Presidential Candidate in 2011, said in his message to the nation that the AFC is the key to unlocking the nation from “…..the corruption that engulfs us, from the oppressive taxes we are forced to pay, from the deadly crime that haunts and traumatizes us, from the economic decline, and from the hopelessness that we breathe daily.”But, after some 30 months in office, we still have widespread corruption engulfing the nation, with reports now surfacing of not one, but three Ministers in this Granger Administration pouring cement foundation on new mansions that will outsize the average house in Pradoville. Where did this money fall from in just 30 months?But Mr. Ramjattan got the brass to talk about the oppressive tax when, in Budget 2017, his Government imposed the mother of all tax oppression. And let us not talk about deadly crime, since Mr. Ramjattan has earned himself an “F minus” grade on the crime fight front, making him a complete failure as a Minister.So, in the final analysis, it is Mr. Ramjattan and Mr. Granger’s government that imported massive economic stagnation and now widespread hopelessness across the length and breadth of the country since May 2015 by subverting the law. The only option left for the people of Guyana between now and 2020 is to band their belly for the incoming economic meltdown, as the ruling elite plunder the Treasury and pocket whatever economic juices are in the pot. Ultimately, such an attack on the Constitution and the Rule of Law by Team Granger will take an unimaginative economic toll on the nation.
The new bus rapid transport station at Joubert Park signals the start of a revolutionised public transport system forlong-suffering Johannesburg residents. (Image: Rea Vaya)Janine ErasmusExecutive Mayor of Johannesburg Amos Masondo and Minister of Transport Jeff Radebe revealed the prototype station of the city’s much-anticipated bus rapid transport (BRT) system at a ceremony in November 2008. The station is located in Joubert Park, close to Johannesburg’s present train station.While the Joubert Park station was built on-site from scratch, subsequent stations will be constructed in a modular fashion at a central point and assembled on-site. The modular design was created with the input of many different interest groups and is considered a cost-effective and streamlined approach to station construction.Meanwhile, the prototype station will undergo extensive testing by representatives from both the city and the public, including the disabled, and any necessary refinements to the design will be made as they are needed.“The BRT system is crucial to the success of South Africa’s transport system,” said Radebe. “Without a good bus service that is accessible, affordable and attractive to a broad range of people across society, local transport simply cannot work.”Gathering speedThe R2-billion ($206 000) Rea Vaya (Sotho, “we are moving”) project is gathering speed. City authorities have also just signed a memorandum of agreement with bus and taxi operators, who currently make up the bulk of public transport options. Their co-operation is vital to the timeous and successful implementation of the BRT system, said Masondo. Rea Vaya will also interface with the Metrorail system of trains.The innovative BRT system aims to reduce traffic congestion, a major bugbear of Johannesburg drivers, by achieving a 70:30 ratio of public transport versus private transport before 2010.The first phase will see a host of articulated buses traversing dedicated bus lanes in the centre of roads around town. With 150 stations, eight terminals and six depots on the cards and a total distance of 122km covered, Johannesburg residents can look forward to the start of substantially reduced journey times and stress-free commuting within six months. Phase 1 is expected to be fully complete by 2013.The entire Rea Vaya system will cover some 330km of Johannesburg roads and will not only contribute to a more satisfactory commuting experience for the city’s residents but will also have been responsible for the creation of numerous jobs. City authorities expect 29 000 new jobs to be created in the first phase alone.The system is also the single largest green project ever undertaken by the City of Johannesburg. It is estimated that if just 15% of regular car users who live in the vicinity of Rea Vaya switch to the BRT, the city will achieve a saving of 382 940 tons of carbon dioxide by 2010 and 1.6-million tons by 2020.Phasing it inThe first phase of Rea Vaya features two sub-phases, 1A and 1B. Phase 1A, comprising 48 stations along 40km, will come into operation just ahead of the Fifa Confederations Cup in June 2009. Phase 1B with a further 102 stations along 86km, will complete the first stage in time for the Fifa World Cup in 2010.Operating on the same principles as the Cape Town system, which is also in its first phase of development, Johannesburg’s BRT system will feature a network of trunk, feeder and complementary routes serviced by a fleet of 427 22m-long trunk buses, 413 feeder buses and 350 complementary buses.Stations are planned at regular intervals so that passengers won’t have to walk more than a few hundred metres along the route to reach any point of embarkation. The stations will incorporate smart card technology to collect fares before boarding, thus eliminating the possibility of delays as well as the need to carry cash. They will also be closely monitored with closed-circuit television, amongst other security measures.During the operating hours of 5am and midnight buses will arrive at intervals of not more than three minutes in peak time, and at 10-minute intervals during quieter times. The system is expected to carry over 400 000 passengers daily, alleviating the congestion and accompanying stress experienced every day on the city’s busy roads and contributing to a better quality of life for Johannesburg residents.All major locations in the city will be serviced and residents even in outlying residential areas such as Randburg, Dobsonville, Alexandra and Lenasia will be pleased to know that they have not been neglected. An inner-city circular route is also on the itinerary. The BRT network will connect with the Gautrain at Park Station.The north to south Rea Vaya route, currently in the design phase, runs from Regina Mundi Catholic church in Soweto to the business suburb of Parktown. Another north to south route connects Parktown with Sunninghill north of Johannesburg.Public participationThe look and feel of buses will be decided on only after an extensive public participation process, currently underway.Trunk buses will be able to accommodate up to 112 passengers and will travel exclusively along the dedicated bus lanes, stopping only at Rea Vaya stations. Complimentary buses will have a capacity of 75 passengers and will operate along the bus lanes but will also be able to stop beside the pavement. Feeder buses, on the other hand, will carry 32 passengers and will not drive on the bus lanes at all but will use regular roads.Do you have queries or comments about this article? Email Janine Erasmus at [email protected] articlesSouth Africa’s infrastructure Cape Town’s new bus systemUseful linksRea VayaCity of JohannesburgRidesmart
The Indian team management has alleged bias in the decision to ban three Indian players and two members of the coaching staff for their alleged role in the brawl during a match against Pakistan in the hockey tri-series in Australia last week.Claiming that it was the Pakistanis who were more to blame for the free-for-all, the team management on Monday filed an appeal to the International Hockey Federation (FIH).Midfielder Gurbaj Singh, forwards Gurvinder Singh Chandi and Tushar Khandker, assistant coach Jugraj Singh and the team’s exercise physiologist David John, who was the stand-in manager for the game, were handed bans by tournament director Graham Napier for their involvement in the skirmish with Pakistani players.”The team management in Australia wanted my approval to file the appeal and I gave it though I have not seen the footage of the incident myself,” Hockey India secretary general Narinder Batra told Mail Today. “Our chief executive officer Elena Norman, who is in Australia with the team, has filed the appeal.”They claim that the Pakistan players were the instigators but one of our players Gurbaj Singh, who received two stitches, was suspended for three matches.”There seems to be some bias against India in these matters. We had made a written complaint against the Pakistan coach who verbally abused our players at the Asian Champions Trophy at Ordos, China, but no action was taken against him,” he said.Apart from Gurbaj, Chandi and Jugraj were banned for five matches. Tushar and John got one- match suspension each, while Pakistani skipper Shakeel Abbasi was also handed the same punishment.advertisementBatra said he will take up the matter with the world body but added that a verdict on the appeal could take some time.”The matter will now be referred to the FIH appeals committee which can revoke, reduce or even increase the punishment if it deems fit.”I will attend an FIH meeting in Lausanne, Switzerland, on November 12 and will definitely take it up with them. The matter is expected to take that long as the committee needs time to convene.” The meeting will discuss the ongoing governing crisis in Indian hockey which has cast doubts on India hosting the Olympic qualifiers next year. FIH has also threatened Hockey India with de-recognition.After the ongoing Australia tour, India’s next assignment is the Champions Challenge in South Africa in November. Most of the players punished will have served their sentences as they stand by then.”The one-match suspension imposed on Tushar and David ended with today’s match against Australia. Gurbaj’s three- match ban will also be served during the Australia tour itself.”The suspended players can be on the bench but cannot play a match. It is up to the team management to decide which matches to include in the sentence,” Batra said.Chandi and Jugraj will still have a part of their suspensions to be served after the tour to Australia.
The Government is revisiting the idea of introducing hybrid vehicles to the local market, as it continues to put energy saving measures in place.Minister of Science, Technology, Energy and Mining, Hon. Phillip Paulwell, made the disclosure on Monday, June 24, as he addressed the official launch of Ultra Low Sulphur Diesel (ULSD) at the Petcom Dunrobin station, St. Andrew.Fuel retailers, marketing companies, motor vehicle dealers, motorists, and other stakeholders welcomed the introduction of the fuel.[RELATED: Gov’t to Schedule Expansion of Petrojam Refinery]Minister Paulwell noted that while the initial cost is higher than that of regular diesel, the improved mileage ULSD provides will redound to the long-term benefit of motorists.“We are encouraging Jamaicans to step up as we try to preserve our environment and make our vehicles last longer,” he stated.In his remarks, Sales and Marketing Manager, Petcom, Alphanso Chambers, said sulphur reduction in diesel is essential in ensuring the proper functioning of vehicles with advanced emission control systems, and new diesel engines.He noted that there is a reduction in harmful sulphur emissions, exhaust smoke and odour, leading to improved air quality, thereby protecting the environment.Mr. Chambers said that all necessary precautions have been taken to prevent contamination of ULSD. He informed that all marketing companies have been mandated to ensure that dedicated storage tanks, fuel lines, pumps and haulage trucks are identified to satisfactorily accommodate the transportation and retailing of the fuel.Motorists will be able to make the distinction between regular diesel and the newly introduced ULSD, as regular diesel has a red appearance, while ULSD is straw coloured.ULSD, which is being distributed by Petrojam, has a sulphur content of 15 parts per million, which is a vast improvement from the sulphur content of 5,000 parts per million, of the current diesel.The Minister also turned on the pumps at the Shell Gore Terrace on Constant Spring Road, to officially mark the arrival of the fuel at 10 service stations in the Shell network.Contact: Alphea Saunders
Torino manager Walter Mazzarri was left flabbergasted by the lack of intervention from VAR as his side lost 1-0 to Juventus on SaturdayCristiano Ronaldo’s 70th-minute penalty proved to be the difference as Torino fell to their fourth defeat this season.However, the Bulls were denied two penalty appeals after striker Andrea Belotti was pushed in the area before Simone Zaza was later shoved by Juventus’ Alex Sandro.“An unfortunate incident proved decisive,” said Mazzarri, according to Football-Italia.“Perhaps there could’ve been a penalty or two in our favour, we certainly got that impression… In other games, VAR went back to look at this sort of situation.“Belotti was jumping to head the ball, which is his specialty, and he has a good chance of scoring if he connects with it cleanly. If you are pushed when mid-air, in my view that is a clear penalty.Fiorentina owner: “Ribery played better than Ronaldo!” Andrew Smyth – September 14, 2019 Fiorentina owner Rocco Commisso was left gushing over Franck Ribery’s performance against Juventus, which he rates above that of even Cristiano Ronaldo’s.“People say we complain, but since the last time there was a meeting about VAR, they have generally gone to check on incidents. Belotti and Zaza appealed and asked for it to be viewed on VAR.”Although the Italian was pleased with the way his side performed against Juventus on the night.“I have to compliment my lads, because they put in a strong performance and played on a par with a tank like Juventus,” added Mazzarri.“In these cases, the incidents ultimately make the difference. We lost Salvatore Sirigu to injury early on, but Ichazo did well too. It’s a pity to have missed out on a point that we would’ve deserved.“You can take something from Juve only if they underestimate you, but they rested Giorgio Chiellini in the Champions League midweek, which shows how much they were thinking about this derby.”
Kolkata: The Special Task Force (STF) of Kolkata Police arrested one of the prime accused in connection with the recovery of 1000 kgs of explosives from a matador that was intercepted at the northern slope of Tala bridge on BT Road under Chitpore police station on March 9.”We have arrested Mustafa Shiekh alias Bomb Mustafa from Odisha in connection with the case of explosive recovery, “a senior STF official said. Mustafa was produced at Bankshal court and was remanded to police custody till April 12. He was brought to Kolkata by the STF sleuths after the local court in Odisha had granted two days transit remand. Also Read – Rs 13,000 crore investment to provide 2 lakh jobs: MamataA resident of Dantan in West Midnapore Mustafa is suspected to be the linkman in the case and the police was in the look out for him soon after the recovery. According to STF sources investigations in the case have identified one Sahoo in Odisha as the manufacturer of such explosives. Mustafa was the prime architect in establishing the link between Sahoo and the recipients of such staff in Bengal. It may be mentioned that the STF had arrested the driver and the helper of the vehicle that was carrying the explosive at the time of the haul. Also Read – Lightning kills 8, injures 16 in stateIt was coming from Balasore in Odisha and was headed towards North 24 Parganas. The explosive substance was primarily identified as ammonium nitrate and was carried in 27 pieces of gunny bags. Both the arrested duo. Indrajit Bhui (25) and Padmolochon Dey (31) were residents of Balasore in Odisha. Bhui was the driver of the vehicle while Dey was the khalashi. The sleuths later arrested one Rabiul Islam of North 24 Parganas who used to procure the explosive from Sahoo. The sleuths are not ruling out the involvement of Mustafa in the supply of explosive from Vijaynagar in Andhra Pradesh to Bengal. “We have taken him into custody and will grill him for further leads in the case,” an STF officer said.