Govt hints at FATCA resolution

Minister in the Ministry of the Attorney General and Legal Affairs, Stuart Young, yesterday offered this hint, hours after six of the country’s business organisations called on both sides to stop politicking and ensure TT is FATCA compliant before the September 30 deadline set by the US.

Finance Minister Colm Imbert presents the 2016/2017 Budget in the House of Representatives on September 30.

Asked whether the Government and the Opposition would meet in Parliament to ensure the Bill’s passage before September 30, Young replied, “We’re going to Parliament tomorrow (today). Let’s not preempt things that may or may not take place.” On the Opposition saying it would sit with the Government over the weekend in a proposed joint select committee (JSC) to pass the Bill, Young said, “The Opposition has said a lot of things.

Let’s wait and see what happens tomorrow (today).” He said the Government has indicated “we have 23 votes in the Parliament.

Those 23 votes are there for the FATCA legislation.” The Bill requires a three-fifths majority for passage in the House and Senate (25 and 19 votes, respectively).

Young said the Government told the six business groups months ago “that you have the Government’s support for the passage of the legislation and the signing of the agreement.” Young said the inter- governmental agreement on FATCA which Imbert signed in August is the same agreement “that was approved in 2013” by the then People’s Partnership government.

He added that the agreement is non-negotiable and in it the Finance Minister is identified as the competent authority for FATCA.

The Tax Information Exchange Bill is one of three Bills listed on today’s House Order Paper. Asked whether the Government would name its members for the proposed JSC to deal with the Bill, Young said the Government will be following what the Order Paper says is the business for today.

He was unaware as to whether the US Government has given TT an extension to next week’s FATCA deadline.

On whether failure to pass the Bill could have negative implications for the Budget and the measures it contains, Young replied, “The Budget is in a week’s time.” He reiterated the Government “continues to be ready to do what needs to be done” regarding FATCA legislation. He said the population expects the Opposition to be reasonable and ensure that TT does not face the negative implications of non-FATCA compliance.