Senate approves FATCA JSC extension

Moving a motion in the Senate yesterday, acting Leader of Government Business and Trade and Industry Minister Paula Gopee- Scoon said the report of the JSC is being “treated as an interim report.” Gopee-Scoon, who is a member of the JSC, requested the Senate “extend the time for the JSC to complete its work on Thursday” (February 23). Senate President Christine Kangaloo then put the question to senators and all present supported the motion. Among them were Independent Senator Hugh Russell Ian Roach and Opposition Senator Gerald Ramdeen, who are also members of the JSC.

In opening debate on the JSC’s report in the House on Monday, Finance Minister Colm Imbert said the US Government is not repealing the Foreign Account Tax Compliance Act (FATCA) and all JSC members knew this. Passage of the Bill is critical to TT being FATCA compliant.

Imbert, who is the chairman of this JSC, remained optimistic that the legislation (which requires a three-fifths majority for passage in the House and Senate) would be passed before the end of this month and TT would meet its FATCA reporting deadline of September.