FATCA debate resumes today

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 putting 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. Newsday understands that the bill may be referred to a joint select committee at today’s sitting.