Singh: UNC still backs tax info bill

“We remain open to passing the legislation to protect the public’s interest,” he said in a telephone interview.

“It does not do the society well to create this level of uncertainty and instability.” Singh claimed the People’s National Movement (PNM) had “never handled the legislation with a degree of professionalism” when it was first introduced in the Parliament.

“But we have a commitment as an Opposition to make it work and our recommendations have to be taken into consideration for passage,” he said. “All we have been attempting to do is to get modest views on the issue and over the weekend we would have completed our assignment without all of this controversy and confusion.” Debate on the controversial Tax Information Exchange Bill reached a bitter stalemate at the start of the Second Session of the 11th Parliament in the House of Representatives on Friday when the Opposition flatly refused an offer by the Government to suspend the sitting for an hour so that both sides could thrash out areas of contention with the bill.

Prior to this development, though, Speaker Brigid Annisette- George put Opposition Leader Kamla Persad-Bissessar, Princes Town MP Barry Padarath and Oropouche East MP Dr Roodal Moonilal out the House for misconduct at separate instances in the sitting. The Opposition has since placed a full-page advertisement in the daily newspapers outlining its concerns with the legislation.

The legislation, piloted by Finance Minister Colm Imbert, seeks to ensure that TT is compliant with the United States Foreign Account Tax Compliance Act (FACTA). The FACTA deadline for TT compliance is Friday (September 30).

The Government had said initially the legislation would have been put before a Joint Select Committee, to be dealt with after the Budget presentation on Friday.

However, they decided to debate the issue.

At the adjournment of Parliament on Friday, Imbert indicated Government was awaiting a response from the US Treasury Department on its request for an extension to have the FACTA legislation approved. The minister said he also had urged US Ambassador John Estrada, currently in Washington, to expedite the process.

Singh complained yesterday that many stakeholders, including members of the banking sector, had not seen the legislation prior to its introduction in the Parliament.

“Nobody got the bill early,” he said, claiming the Bankers Association of Trinidad and Tobago (BATT) has compiled a list of some 13 recommendations for consideration.

Singh said the legislation was not drafted for local citizens but “American citizens and green card holders with equity, bank accounts and insurance.” “That is the target, but there appears to be an unwillingness or certain forces in the PNM that appear to want to delay it (the bill) at least,” he said.

‘I do not know for sure but it is my understanding that several people are giving up their citizenship so that they do not come within the embrace of the law. So, there is a delay on the part of the PNM.” Singh described Friday’s event as “a distraction,” saying the Opposition will not be bullied and intimidated into passing the legislation.

Tabaquite MP Surujrattan Rambachan, meanwhile, accused the PNM of planning all along to blame the failure to pass the legislation.

“This is why they started to push this head at the public meeting last Tuesday in Mt D’or making that meeting an attack on the UNC while ignoring their own record of performance on the economy, on crime, on health and in particular on mounting job losses and the cost of living” he said in a statement.

Rambachan said the legislation, in its existing configuration, granted excessive powers to the Minister of Finance sand needed to be amended.

“The Opposition has a duty to ensure that where citizens’ freedoms are affected, such laws must be thoroughly scrutinized,” he said.