Bankers 'relieved' FATCA legislation passed in Parliament
Created : 24 February 2017
The Bankers Association of Trinidad and Tobago (BATT) has expressed relief over the passage of the Tax Information Exchange Agreements Bill 2016 in Parliament on Thursday night.
The Bill brings Trinidad and Tobago one step closer to ensuring its compliance with the United States Foreign Accounts Tax Compliance Act (FATCA). FATCA requires US citizens and green card holders with financial assets outside of the US exceeding US$500,000, to report these assets to the Internal Revenue Service (IRS).
In a statement, BATT said it is pleased that the Opposition and the Government have reached consensus, coming together to put the country’s interest first on an issue of great national importance.
The Association has promised to ensure on its end, the FATCA implementation process and collaborate closely with the Board of Inland Revenue to operationalise the data collection procedures in order to meet the September 30, 2017 reporting deadline to the US Internal Revenue Service (IRS).
BATT added that it remains committed to the growth and stability of the financial sector and the customers it serves.