Government will receive word from US authorities today regarding an extension on the Foreign Account Compliance Agreement
(FATCA) which is necessary to maintain T&T/US financial arrangements, particularly banking sector work.
This was reportedly confirmed by Finance Minister Colm Imbert yesterday following last Friday’s failure in Parliament of the Tax
Information Exchange legislation needed to facilitate the FATCA arrangement. The US FATCA agreement aims to prevent tax evasion
by US taxpayers who use non-US financial institutions.
The deadline to pass the T&T’s Tax information sharing bill was September 30. Government needed three Opposition votes in
addition to its 23, to pass the “special majority” bill.
The matter was reportedly a priority matter on the agenda when the Second Session of Parliament began last Friday.