‘Las lap’ for FATCA in House

When the House last sat on February 13, Prime Minister Dr Keith Rowley moved a motion to ensure that the joint select committee (JSC) dealing with bill would complete its work and report to the House on Thursday. The bill is essential for TT being compliant with the Foreign Account Tax Compliance Act (FATCA) of the United States.

The Opposition, which has so far refused to support the legislation, supported the motion advanced by Rowley. The Prime Minister moved that in accordance with Standing Order 42 (16) that an amendment proposed by Tabaquite MP Dr Suruj Rambachan and seconded by Chaguanas West MP Ganga Singh, be further amended to allow the JSC’s report on the bill to be committed to a committee of the entire House for the purpose of considering a new Clause 29.

This amendment was seconded by Leader of Government Business in the House, Camille Robinson-Regis.

Newsday was informed that once the report and the bill are approved by the House on Thursday, it would satisfy the requirement to pass the bill before month end. When the Senate last sat on February 14, it approved a motion giving the JSC until Thursday to complete its work and to accept its report at that time as an interim one.

The bill requires a three-fifths majority for passage in the House (25 votes) and in the Senate (19 votes). There is no sitting of the Senate scheduled so far for this week but it may sit shortly after Carnival to deal with the bill.

On Sunday, US President had a telephone conversation with Rowley at 4.40 pm. A statement issued by Press Secretary to the Prime Minister, Arlene Gorin George, indicated that Rowley and Trump spoke about a number of issues of mutual interest to TT and the US. Rowley and Trump agreed that both of their administrations, “would continue working together on matters including security and trade.” Sunday’s statement concluded, “It was acknowledged that both countries have had a close working relationship which will continue to be strengthened.” The Prime Minister’s conversation with Trump came three days before the House sits to deal again with the FATCA issue and 24 hours after he returned from the Caricom Heads of Government Meeting in Guyana, where FATCA was a major issue on the agenda.

At a news conference at the Piarco International Airport on Saturday, Rowley said Caricom leaders are seeking to approach the Trump Administration in with a view to eliminating the threat posed to regional banking systems as a result of non-compliance with FATCA).

Opposition Leader Kamla Persad-Bissessar wrote to Trump in January, asking whether FATCA will be repealed.

On February 13, Finance Minister Colm Imbert said his last communication with the US Government indicated that the Trump Administration is not repealing FATCA.