Amcham, bankers hit wrangling over FACTA

In separate statements yesterday, the business associations once again expressed concerns about the derailed debate on the bill last Friday, following the Opposition walkout last Friday after a request to debate crime was rejected by the Speaker who ordered Opposition Leader Kamla Persad-Bissessar out of the parliamentary chamber.

This transpired ahead of debate on the bill, which Government members began but then adjourned until tomorrow.

The passage of the bill, which requires a two-thirds majority of the Parliament, will pave the way for making the country compliant with the United States’ Foreign Account Tax Compliance Act (FATCA).

“Let good sense prevail, and commit to passing the Tax Information Exchange Bill,” Amcham said in a release.

“Co-operation between Government and Opposition will be required over the next few months to ensure that our country meets its Caribbean Financial Action Task Force commitments to credibly show that we are committed to fighting money laundering, the financing of terrorism and other financial crimes,” Amcham noted. BATT made a similar case, in its statement, noting, “This legislation is critical to enabling Trinidad and Tobago to meet the revised deadline agreed for the establishment of the regime to comply with FATCA.” The associations hit the parliamentary impasse.

Amcham expressed disappointment by “the continued political wrangling” that was contributing to the delay of the passage of the piece of legislation that governs the implementation of the FATCA.

While Amcham believes that debate was a trade mark for a healthy democracy, it said, “this should not occur at the expense of best interest of the country.” Elected leaders were entrusted, Amcham said, “to always put country first and to rise above the myopic political tactics that could cripple our financial institutions and be detrimental to our ability to do business with the rest of the world.” Minor amendments which may now be needed, Amcham said, can be made without going to a Joint Select Committee, which will unnecessarily delay the passage of the legislation within the timeline which TT itself provided to the US government.

Apart from affecting TT’s ability to do business with the rest of the world, Amcham said non-compliance by the deadline will also adversely affect trade relationship with the US, who is still a major trading partner of TT.

“We trust that our elected leaders will put politics aside to ensure that the interests of TT come first,” the chamber said.

BATT too urged Government and the Opposition to “put aside partisan concerns and do what is right and in the best interest of Trinidad and Tobago”.

“The continued delay creates real risk to an economy already battered by the effects of falling revenue from the energy industry.

If we miss the revised deadline of February 2017 the country will be placed in an untenable situation and the effects could be far reaching for businesses and individuals alike,” BATT stated.

The banking fraternity said it remains committed to providing both sides with comments on the legislation to help expedite the debate.

“This is an important time in our democracy. While debate is necessary and healthy there comes a point when we must step back and do the right thing. Let this be that time.”