Big Business say - Get FATCA signed

“If we miss that deadline (and) we are not compliant, (local) banks may possibly lose all of their corresponding banking relationships.

So (fore example), you may not be able to send US dollars to your (child) for education expenses overseas.

All the things we have begun to take for granted will be severely impacted, curtailed or there will be serious consequences - monies deducted from source (30 percent withholding tax), before it goes overseas.” Regarding pension funds, Kumar warned that most of these have part of their portfolio invested overseas to earn income. “Therefore, if this legislation is not passed and 30 percent of that has to be deducted...the return on those portfolios will not just be depressed, (it) will be negative.

Again, we are calling on (Parliamentarians) to do their part. We are also calling on the citizens of TT, in whatever means they can, to speak up.” Kumar issued her warning and call to action yesterday during a joint-press conference about FATCA, held at the Park Street, Portof- Spain head office of Republic Bank Limited (RBL).

The Bankers Association of TT (BATT), the American Chamber of Commerce of TT (Am- Cham), the Association of TT Insurance Companies (ATTIC), the Energy Chamber of TT and the TT Coalition of Services Industries (TTCSI) also shared their concerns about the delay in passing the TIE Bill 2016.

All six associations strongly criticised Government and Opposition for waiting until ‘the last minute’ to pass the legislation.