Imbert, Mark defend positions on FATCA

Imbert and Mark outlined their respective cases as debate on the bill, which is essential for this country being compliant with the Foreign Account Tax Compliance Act (FATCA) of the United States, began in the Senate yesterday. However speaking later in the debate, Independent Senator Ian Roach said it was time to put FATCA to bed and deal with concerns that citizens have with respect to fees being charged by commercial banks in TT.

As he opened the debate and listed the chronology of events regarding the bill, Imbert said it was a misconception that the establishment of a joint select committee (JSC) last September would have facilitated a smoother passage of the Bill in the House. He reiterated that the end of the First Session of the 11th Parliament and the 2016/2017 Budget deliberations in the Parliament made it impossible to establish the JSC last September.

Imbert said on December 9, 2016, Opposition Leader Kamla Persad-Bissessar was ejected from the House after getting into an argument with Speaker Bridgid Annisette-George and the JSC could not be formed then. He added the JSC could not be formed three days later because the Opposition absented itself. Imbert said after the JSC was finally established in January, it took one month for the committee to complete its deliberations.

Mark dismissed Imbert’s statements, reiterating that the Opposition wanted to pass good law. Noting that he and Imbert have sat on many JSCs during their time as parl iamentarians, Mark boasted that it was Persad-Bissessar’s “almost militant” stance which resulted in the JSC being formed. He slammed the Bankers Association of TT (BATT), American Chamber of Commerce and TT Chamber of Industry and Commerce for getting “into the dance.” Declaring that BATT was “totally out of line” to tell the Opposition how it should vote on the bill, Mark slammed the association for the “unpardonable increases in bank fees and charges” by commercial banks to their customers