FATCA report laid in Parliament Imbert: ‘Time to sign’

However, the report on the bill, which is critical to ensuring this country is compliant with the Foreign Account Tax Compliance Act (FATCA) of the United States, was apparently laid without the signatures of any Opposition members of the committee. On January 6, Government bowed to the Opposition’s demand for the bill to be sent to a JSC in exchange for its support to pass the legislation.

As he laid the report in the House, Finance Minister Colm Imbert said, “We leave the report open for the signatures of the Opposition.” Imbert, who is also the chairman of this JSC, said the report will be debated in the House next week. The other members of the JSC are Attorney General Faris Al Rawi, Minister in the Office of the Prime Minister Stuart Young, Trade and Industry Minister Paula Gopee-Scoon, Agriculture Minister Clarence Rambharat, Caroni East MP Dr Tim Gopeesingh, Caroni Central MP Dr Bhoe Tewarie, Opposition Senator Gerald Ramdeen and Independent Senators Hugh Russell Ian Roach and Taurel Shrikissoon.

Imbert, who is also acting Energy Minister, later said a report which alleged that the National Gas Company (NGC) was going to fire 150 workers was not authentic.

He said when he consulted the NGC, the company had told him that “any such report is speculative.“ Speaking later in the debate, Chaguanas West MP Ganga Singh charged that local banks were denying opportunities to local entrepreneurs in the gaming industry but were quick to cry wolf when there was a “hold-up” on FATCA.

On Thursday, Young said FATCA remains US law and this country will honour its international obligations.