Minister of Finance, Colm Imbert says failure to pass the Income Tax Amendment Bill could see Trinidad and Tobago placed on a European Union blacklist.
Speaking on the Power Breakfast Show on Power 102.1 FM on Wednesday, Minister Imbert revealed that the legislation allows for the country to share tax information with approximately 140 other countries.
He explained that the aim of sharing the information is to target persons who evade taxes in the EU and other member countries in the Organisation for Economic Co-operation and Development.
Mr Imbert added that failure to pass the legislation could have wide-ranging impacts for regular citizens.
He highlighted that a simple thing such as credit card transactions or wire transfers could be affected.
Earlier this week, Attorney General, Faris Al-Rawi noted the serious implications for the country if arrangements surrounding the Bill are not finalised.
He added that the impact will be widespread and severe if the legislation collapses.
Responding to comments by the Finance Minister, Opposition MP Rodney Charles said that the Income Tax Amendment Bill would not get us off the EU list.
He said that the passage of that one Bill would have no effect on our standing on the EU Blacklist.
Also speaking on the Power Breakfast Show, the Naparima MP said that if the Bill was passed by itself then the Government would not be able to go back and make any amendments to it.
He said that in order to get off of the EU Blacklist three pieces of Legislation have to be passed; The Income Tax Amendment Bill, the passing of the Double Taxation Agreement and the Mutual Administrative Assistance Impacts Matters Bill.
Mr Charles stated that what the Opposition wants is for the three pieces of legislation to be considered all together.
In fact, Charles said that consideration of the pieces of legislation is the remit that the Opposition received from the Parliament.