Imbert: FATCA after elections

Imbert expressed his optimism as he announced that debate on the Tax Information Exchange Bill 2016 will resume in the House of Representatives in December, after the November 28 local government elections.

Addressing a news conference at the Eric Williams Financial Complex in Port-of- Spain on Wednesday, Imbert said, “As soon as this local (government) election is over, we will be back in the Parliament and the first order of business will be FATCA.” With Parliament expected to take its Christmas recess around mid-December, Imbert was optimistic that the Bill will be passed in the House before that and brought to the Senate in January.

Reminding reporters that the Treasury asked Government to submit a detailed action plan for implementation of FATCA requirements, Imbert said this involved passing the legislation and put the necessary systems in place to allow the Board of Inland Revene (BIR) to report to the Treasury on US citizens and corporations doing business in TT. He explained the BIR has a discretion right now and, “the whole point about FATCA is that discretion is taken away.” Imbert said Government told the Treasury the legislation should be passed by the end of February 2017.

“We put a self imposed deadline on ourselves.

Then between then and September we will have to implement the legislation,” Imbert added.

Indicating, “we are on track with that at this point in time,” Imbert said he had no idea how the Treasury will operate under the incoming Trump Administration.

“I am assuming that the arrangements that we have with the Treasury will remain. I can’t assume anything else,” he said. Noting that US Ambassador to TT John Estrada tendered his resignation after the election, Imbert said this would have happened even if Democratic candidate Hilary Clinton won the election. The minister said it remained to be seen whether Estrada continues as ambassador under Trump or a new ambassador is chosen. Estrada offered assistance to Government in September in discussions with the US Treasury on FATCA.