House sits Friday

While no Order Paper for Friday’s sitting has yet been issued, Newsday understands that debate is expected to resume on the Tax Information Exchange Bill 2016. During a news conference at the Eric Williams Financial Complex on November 16, Finance Minister Colm Imbert said, “As soon as this local (government) election is over, we will be back in the Parliament and the first order of business will be FATCA.” With Parliament expected to take its Christmas recess around mid-December, Imbert was optimistic that the Bill will be passed in the House before that and brought to the Senate in January.

Reminding reporters that the United States Treasury asked Government to submit a detailed action plan for implementation of FATCA requirements, Imbert said this involved passing the legislation and put the necessary systems in place to allow the Board of Inland Revenue (BIR) to report to the Treasury on US citizens and corporations doing business in TT.

He explained the BIR has a discretion right now and, “the whole point about FATCA is that discretion is taken away.” Imbert said Government told the Treasury the legislation should be passed by the end of February 2017.

Indicating, “we are on track with that at this point in time,” Imbert said he had no idea how the Treasury will operate under the incoming Trump Administration.

There is no sitting of the Senate this week.

However there are three joint select committees that will hold in-camera meetings (meetings that are closed to the public) at Tower D on Wednesday.

These are the Local Authorities, Service Commissions and Statutory Authorities, Public Administration and Appropriations and the National Security JSCs.