Controversy continues to surround the passing of the Foreign Account Tax Compliance Agreement (FATCA), however according to Finance Minister Colm Imbert T&T must comply and implement law since there has been no change in the US Treasury’s position on FATCA.
Speaking in Parliament yesterday on a Joint Select Committee report on the FATCA legislation, Imbert said Government last week received word from the US Embassy on the position, following change of administration in the US.
The legislation is necessary to facilitate a tax information exchange agreement between the US and T&T. It will allow the US’ Internal Revenue Service (IRS) to access information through T&T’s Board of Inland Revenue (BIR) on accounts held by US citizens in local financial institutions.
Oropouche East MP Dr Roodal Moonilal dismissed Government’s claims that the Opposition was reluctant to support the legislation because they had something to hide. In an exclusive interview with Dr. Moonilal had this to say…..
Meanwhile…undoubtedly disturbed over the comments made by Dr. Roodal Moonilal, in relation to FATCA legislation in the parliament yesterday, Attorney General, Farris Al Rawi yesterday said the government has done everything possible to create a law that stands against all scrutiny by the members of the Opposition.
Mr. Al Rawi said he had not intended to speak yesterday, but had more or less been forced to, based on what the Opposition had presented.
Noting that the FATCA legislation must be passed in February, the Attorney General lashed out at the members on the other side, highlighting their incompetence in relation to the required legislation, during their time in office.
Mr. Al Rawi said the Banker’s Association is appealing to the Opposition to support the passage of the legislation of the Tax Information Exchange Agreement Bill.
He said there could be major setbacks for the people of Trinidad and Tobago, if FATCA legislation is not passed.
The Opposition and Government will meet in the parliament again on Friday.