The American Chamber of Commerce of T&T is calling on both Government and Opposition to put country first and work toward the passage of the Tax Information Exchange Bill 2016 by the deadline.
Our partners at Looptt reports that AMCHAM is concerned that Trinidad and Tobago is being demoted to “the periphery of the global financial system”.
The legislation is required to ensure the country’s compliance with the Foreign Account Tax Compliance Act (FATCA), by the September 30 deadline set by the United States.
AMCHAM T&T believes that the current situation is one created out of politics which would only prove to be to the detriment of the national interest.
The Chamber said that the consequence of inaction is not something that we can either afford or entertain.
If the Bill is not passed by the deadline, the implications could prove detrimental to T&T’s ability to participate with international banks, and the cost of doing business.