Calls for cooperation on FATCA

She wrote a letter to Prime Minister Dr Keith Rowley the Opposition was willing to work together for the passage of the legislation before any deadline whether the same as February 28, 2017 or otherwise.

Persad-Bissessar said such an agreement would ensure that we as a country met the stated deadline and the fears and anxiety of citizens would be assuaged.

The Bill required a special majority for passage, and Government as presently constituted could not pass the legislation with the support of the Opposition.

The Bill sought to validate the exchange of information between Trinidad and Tobago and the United States made under the 1989 Tax Information Agreement which was in breach of the rights of citizens whose information was exchanged.

Also, it enacted into TT’s domestic law the terms of the intergovernmental agreement (IGA) signed between TT and the US for the purpose of effecting a reporting regime for financial institutions to comply with the US Foreign Account Tax Compliance Act (FATCA).

Speaking during a news conference yesterday at the Office of the Opposition, Persad-Bissessar also asked Government to consider removing those clauses in the Bill which violated our constitutional guarantees (by looking to the statutes of other Caricom countries which gave effect to their IGAs).

She said if this was done it would remove the necessity for a special minority, in which case, the legislation could be passed by a simple minority.

Persad-Bissessar said the Opposition would not support the wholesale surrender of the sovereignty of this country because of the expected consequences that may transpire from the non-passage of this legislation.

She noted that the passage of this legislation and its implementation may also affect the supply, demand and availability of foreign exchange in TT’s financial institutions.

“Already our country is facing serious FOREX challenges.

The Government has not provided the information necessary to resolve the many issues arising, and it is upon the Government that the duty falls to do so,” she said.

Persad-Bissessar said the unfortunate and unsatisfactory state that Government and TT found themselves not only justified this legislation being the subject of a JSC, but mandated it.