UNC putting its own agenda above nation

The worst was seen on Monday when all members of the Opposition in the House neglected their salaried, social and political responsibilities by boycotting this crucial sitting of Parliament to all “socialise” in another room in the Parliament building.

FATCA was enacted in the US in 2010 and most of our private financial institutions have signed on. The Government is however struggling to get this critical piece of legislation passed. We must get our house in order soon or be left behind and face the consequences.

Our current status gives the global perception of incompetence and creates contention after asking for a second extension.

The Government has been trying to conclude the FATCA debate which the current Opposition started while in government but now it seems to have a self-seeking political agenda motivating its counter- productive actions.

FATCA is fast becoming the global model for combating offshore tax evasion and promoting transparency. Does the Opposition have something to lose by supporting the legislation? If not, then it must stop blocking this initiative to catch these white-collar criminals and the corrupt politicians that abuse public office.

In the US the Internal Revenue Service, through the US Treasury Department, will only begin updating the list of countries with Model 1 and Model 2 Inter-Governmental Agreements (IGAs) on January 1, 2017. We have been granted an extension. The US Government “strongly” recommends that TT passes the FATCA legislation by next February. In a September 30 release, US Ambassador John L Estrada reiterated that the bilateral FATCA agreement has already been signed by both countries.

The legislation is however needed to implement the commitments in the agreement.

This is only one element of a broader plan for cooperation between the US and TT as a part of a wider global compliance effort.

This type of unparliamentary behaviour by the Opposition is testimony to how disconnected politicians can become when in office.

The UNC appears to be seeking its own political agenda above the agenda of the citizenry. The private, business, governmental and other sectors all stand to suffer from TT ’s non-compliance with FATCA.

The citizens of this country will not find it easy to forgive the UNC if it continues to block passage of this legislation beyond the already contentious granting of extensions.

Ronald Huggins St Joseph