Kamla: Opposition will back ‘better’ tax bill

“It is now in Government’s hands to do the right thing to ensure that properly drafted legislation is passed in Parliament,” she said in a statement.Assuring the Opposition will not rest until “properly drafted legislation” was passed in the Parliament, Persad- Bissessar said it was mindful of Trinidad and Tobago’s international obligations with respect to the United States Foreign Account Tax Compliance Act (FATCA) and the implications of non-passage of the non-passage of the local Tax Information Exchange Bill, 2016.

FATCA is aimed at preventing tax evasion by US taxpayers by using non-US financial institutions and offshore investment instruments.

The parliamentary agenda, Persad-Bissessar said, can be adjusted immediately to accommodate a comprehensive review of this piece of legislation.

She pledged the United National Congress willingness to do all that was necessary to ensure that improved legislation can be passed before the September 30 deadline.

However, she said, “We will not support faulty legislation by a government incapable of managing a meaningful governance agenda.” Under the bill, she said, “the Minister of Finance, will have access to your private financial information.

I will not allow such an invasion into the lives of our citizens.

That power should be vested in the Board of Inland Revenue and not the minister.” She noted that on Friday, Government rejected her call to meet with the Opposition to work every day and night for a week in a joint select committee to complete a review of the bill. Instead Government opted for a private meeting tomorrow.

The Opposition, Persad- Bissessar said, is of the view that there is sufficient time for the bill to be reviewed in detail, and allow for appropriate consultations with stakeholders.

However, the Opposition will meet with Government and once a workable solution was found they will work together.

She said the Finance Ministry advised weeks ago that the draft bill was completed and would be presented to the Opposition in early August for review to be laid in Parliament in September.

The Opposition received on Tuesday a copy of the 121-page bill containing 30 clauses, for schedules and direct impact on at least seven other laws, “giving us a mere three working days to examine, scrutinise and prepare for last Friday’s debate.” By Government’s own admission,” she said, “there has been no consultation with stakeholders on the bill.” She noted the lack of either parliamentary, or, judicial scrutiny of the Executive and said the overreach of the draft legislation extends to all legislation related to financial information, and not only to the seven named in the bill.

She called for the proper identification of the additional pieces of legislation so that citizens will know “the extent of the intrusive arrangements and the necessity for them.” Similar legislation by other Caribbean countries had features which catered for the special circumstances of each country, she said, and as such, a comparative analysis was needed to improve the legislation to better serve the interests of TT.