Rowley: Nothing new for Opposition to blank FATCA Bill

He was addressing a People’s National Movement (PNM) meeting at Mount D’Or on Tuesday.

Rowley sought to paint the Opposition as historically obstructionist by listing at least a dozen laws (including anti-kidnapping and anti-terrorism legislation) that the Opposition had not supported from 2002 to 2007. He also alleged that the Opposition had flip-flopped on the Caribbean Court of Justice (CCJ), and recalled the Opposition’s initial rejection of this country’s Independence in 1962 until Dr Suren Capildeo relented to the suasion of Dr Eric Williams during a one-on-one meeting at the Marlborough House talks in England.

Hitting the Opposition’s failure to support the FATCA legislation on the grounds that they just saw these 125 pages of laws, he said 100 pages of the document is the exact same document previously seen that shows the US law.

He accused the Opposition of being prepared to risk this country’s future, fulfilling their vow at the Opening of Parliament to give the Government thunder, and in contrast to the PNM’s record of supporting 93 percent of legislation when in Opposition.

Rowley warned that unlike Canada, which is the US’s largest trading partner, this country is in no position to try to defy FATCA.

He said Parliament can try to rush the FATCA legislation into a Joint Select Committee (JSC) but otherwise failing that, this country will be at the mercy of the US which might not agree to give TT an extension to comply.

He recalled talks on this touchy topic of “correspondent banking” being held at two Caricom leaders meetings last February in Belize and last July in Guyana, and recalled attending former British prime minister, David Cameron’s anti- corruption meeting in London last May.

Rowley alleged that on his trip to South Africa for Nelson Mandela’s funeral, Persad-Bissessar as then prime minister had agreed with him to try to improve the terms of judges and pay and pension of MPs, but upon a public outcry she had not had the fortitude to keep her stand, even as one of her MPs then attacked Rowley on the matter.

He said this episode had led him to think he could not trust Persad-Bissessar ever again. Rowley said TT is now in one of the most difficult periods ever, and that the Opposition might seek to blame the Government over economic woes.

Earlier Finance Minister, Colm Imbert, warned that if this country does not pass the FATCA legislation, anyone doing business in the USA will have to pay a 30 percent tax, such as for every credit card transaction.

He said FATCA legislation will mandate the TT Board of Inland Revenue (BIR) to notify the United States tax authorities of any US citizens doing business in TT. If TT doesn’t pass the FATCA legislation, all US banks will be debarred from sending money from TT to the USA. “Your credit card gone through!” Imbert warned.

He said non-compliance with FATCA had caused severe damage to the economy of Belize.

Imbert said the Opposition wants to know if TT citizens living in the USA will have the US authorities send their details to the TT BIR, in a reciprocity of the treaty.