Saturday 26 May, 2018

Bankers Association "pleased" with FATCA progress

Bankers Association of Trinidad and Tobago (BATT) says it is pleased with the progress made on pending the Tax Information Exchange Agreement (TIEA) Bill 2016 but adds that time is still of the essence in ensuring it is passed before the deadline.

In a release, the Association said it notes the progress made during Friday's Parliament sitting and it pleased that a middle ground has been reached.

"BATT is pleased to see a middle ground has been reached between the Government and Opposition and the TIEA Bill is now before a Joint Select Committee (JSC)."

"However, we wish to remind the Government and the Opposition that time is not on our side. It is our hope and expectation that the Joint Select Committee will meet its February 3rd reporting deadline in order to have the Bill passed to meet the country’s FATCA obligations."

BATT said it will continue to monitor the discussions on FATCA and is available to participate in providing the JSC with any information required to assist the committee in their deliberations.

On Friday, Finance Minister Colm Imbert announced that a Joint Select Committee (JSC) would be established to discuss the bill, which is critical in securing compliance with the USA's Foreign Account Tax Compliance Act (FATCA).

Imbert added that the action was done in response to attempts by Opposition to "blackmail" the country, and said the reasons offered by Opposition for its insistence on a JSC were “tenuous and spurious”.


Related: 'Blackmailing' Opposition gets its way on FATCA JSC