FATCA delayed

All 39 MPs, from both sides, unanimously supported a combined Government/Opposition motion in a result that belied earlier acrimony, during debate. Before the vote was taken, Finance Minister Colm Imbert said the report will be treated as interim, the JSC would meet again and the House will vote in ten days time.

The Opposition, in a minority report from the JSC, earlier on Monday claimed the JSC’s work was unfinished and the committee needed at least one more meeting to complete the work and gather all public submissions.

Rowley in reply, said the extra time would allow the JSC such activity, and that come next week Thursday, the population can judge for themselves who is really in support of the legislation.

“Some members are looking all over __ up, down and across – for a reason not to vote for the Bill,” Rowley said.

While the Opposition’s earlier amendment to the motion said the JSC’s work was incomplete, Rowley moved an amendment to that amendment, to set next week Thursday, for debate.

Refuting the Opposition’s claim that the “sky is falling” over a delay in the legislation, Rowley said the bill is prominent on the agenda of a Caricom leaders meeting in Guyana which he is due to soon attend.

Failure to get FATCA compliant could see a 30 percent surcharge for TT nationals doing business with the US.

Rowley scoffed at Opposition views to hold off on FATCA “in case” US President Donald Trump changes that law saying this is warped logic.

Later, Finance Minister Imbert said he acceded to the Opposition’s request to treat the current report as an interim one and to have one more JSC meeting where a final report will be produced to be debated under the House motion.

The House can either agree to adopt the Report as it is or with amendments, he said.

He said the Law Association was asked to submit comments five weeks ago but has no done so.

Too wait any longer, Imbert added, would be ludicrous. He noted that no one has proposed any change to the actual bill, in any comment or presentation proffered to the JSC by the likes of banks and credit union representative organisations.