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Government is working to ensure that Trinidad and Tobago is compliant with the Foreign Account Tax Compliance Act.

Government is working to ensure that Trinidad and Tobago is compliant with the Foreign Account Tax Compliance Act.

Colm-Imbert-power102 (1)Finance Minister Colm Imbert made the announcement during today’s Post Cabinet Media Briefing while fielding questions from reporters.

The deadline for compliance is September 30, when the first set of reporting is due.
The original deadline was September 30, 2015 but Imbert wrote to the authority on FATCA in the United States, requesting an extension to ensure that T&T put things in place to ensure FATCA compliance.

Within a week of assuming office, following the September 7 general election, he learnt of the impending deadline.

Mr. Imbert said he was told that the deadline was September 30, 2015, and that if Trinidad and Tobago had not signed the intergovernmental agreement and passed the legislation by  September 30, 2015, this country would be removed from the list of countries that can have correspondent banking and that can allow wire transfers without difficulty.

Dubbing it an “obviously impossible” task to be completed in a two week period, he said he wrote to request the extension, which was granted.

An intergovernmental agreement (IGA) has to be signed with the US, agreeing to share with them information on US companies and US citizens transacting business in this country.

Faris Al RawiThe process has already been set in motion as Attorney General Faris Al-Rawi last week gave Minister Imbert the go-ahead to sign the IGA.

The Minister revealed that he has instructed his staff to indicate to their US counterparts his readiness to sign that agreement.

The US would then provide T&T with a date for the signing.

THAT STORY COURTESY LOOPTT.COM

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