House to debate Tax Bill

Friday’s sitting will begin what is expected to be a hectic period of activity in Parliament till the end of the year. The Foreign Account Tax Compliance Act (FATCA) legislation will be among the first pieces of legislation Government will be bringing to Parliament, after Friday’s sitting. This legislation requires a three-fifths majority for passage. At last Thursday’s post-Cabinet news conference at the Office of the Prime Minister in St Clair, Minister in the Ministry of the Attorney General Stuart Young said he did not expect the Opposition to be “a stumbling block or hurdle” in having this legislation passed. Finance Minister Colm Imbert signed an inter-governmental agreement with US Ambassador to TT John Estrada in connection with ensuring TT is FATCA compliant by September 30. Imbert is also expected to present the 2016/2017 Budget in Parliament within the next few weeks. By law, the Budget must be passed by the House and Senate before October 31. Prime Minister Dr Keith Rowley has said there will be Cabinet adjustments after the Budget. Rural Development and Local Government Minister Franklin Khan is also expected to bring local government reform legislation soon. Local government elections are constitutionally due by October.