All to pay if agreement not signed

What possible plausible excuse exists to refuse to sign the Foreign Account Tax Compliance Agreement with the US which her PP government, a mere two years ago, agreed in principle to sign. This is not a PNM, ILP or MSJ requirement, it is a 2010 US federal law to enforce the requirement for US citizens, including those living outside the US, to file yearly reports on their non-US financial accounts to the Financial Crimes Enforcement Network.

Non-compliance would negatively affect every citizen of this country, not only those who patronise Amazon like they do the neighbourhood grocery, since the cost of import goods would be greatly increased as a result of sanctions and penalties for not signing a straightforward non-negotiable agreement, signed by the vast majority of countries.

What makes TT exempt? Why is the Opposition so afraid of complying with international efforts to combat tax evasion and money laundering? Many Trinidadians-Tobagonians own property in the US, most pay the required taxes, most would not take the chance and default from paying taxes, acutely aware of the long tentacles of the IRS.

Could it be that much of this fearmongering by those who now oppose signing the FACTA agreement is due to them having acquired multiple properties in the US in the last two years and perhaps have been derelict in their duty to declare such to the Integrity Commission? I am forced to ask this question because the obstacles created by the Opposition, with looming deadlines on such a serious matter, is simply baffling.

The population and business community now have no choice but to demand from their Members of Parliament that the Opposition does the right thing, otherwise we will all literally pay from our pockets for, at best, their short-sightedness.

Luana Lezama Arima