Attorney General, Faris Al-Rawi says there are serious implications for the country if arrangements surroundings the Income Tax Amendment Bill are not finalised.
Speaking at a news briefing on Monday, the AG told reporters that the bill is critical and will help avoid Trinidad and Tobago being blacklisted by the United States.
He added that the impact will be widespread and severe if the legislation collapses.
Meanwhile, the Bankers Association of Trinidad and Tobago is urging the Opposition, United National Congress, to support the passage of the Income Tax (Amendment) Bill 2018.
In a media statement, the BATT noted that the proposed amendments would facilitate the exchange of information for tax purposes and effectively combat money laundering and terrorism financing.
The Association said failure to pass this legislation could disrupt the smooth flow of correspondent banking relationships between domestic banks and international correspondents.
It said the amendments, designed to improve compliance, will advance Trinidad and Tobago’s international ratings and will enable banks to efficiently maintain cross-border correspondent banking relationships.
BATT assured the general public that adequate mechanisms are in place internationally and domestically to prevent any abuse of the information shared with any jurisdiction.