Kamla: FATCA will be repealed

“My colleagues and I will to continue to work on your behalf as a government in waiting, and I assure you that our Opposition caucus will be ready to collaborate with the Government and the Parliament to pass laws that enhance the lives of our citizens,” she declared.

She said, however, they will reject any measure that infringes on citizens’ rights and freedoms and cited the FATCA specifically.

“The FATCA Bill is an example of how we treat with critical legislation that impacts all of us.

The Government needs to be responsible and consider the views of experts that this US legislation is badly flawed and infringes the sovereignty of many countries, and will likely be repealed by the new administration,” she added. She continued: “Our position will remain constant in 2017: we will pass good laws but oppose anything that compromises our independence and poses a threat to our rights and freedoms.” Earlier this month the Opposition stayed away from the sitting on the FATCA bill accusing Government of not keeping its word to send the legislation to a Joint Select Committee. FATCA is a US legislation that primarily seeks to prevent tax evasion by US taxpayers by using non-US financial institutions and offshore investment instruments.

In this country, the required legislation was not passed by its September 30 2016 deadline and the new deadline is February 2017.

A number of business associations, including the Bankers Association of Trinidad and Tobago, the Trinidad and Tobago Chamber of Industry and Commerce, and the American Chamber of Industry and Commerce Trinidad and Tobago (AMCHAM T&T), have expressed disappointment that the initial deadlines were not met.