Aug 2016 Financial News

Bankers eager for FACTA legislation

Aug 24, 2016

THE Bankers Association of TT (BATT) yesterday joined the American Chamber of Commerce of TT for signing an agreement with the United States (US) Government last Friday last to implement the Foreign Account Tax Compliance Act (FATCA) in an effort to improve internation al tax compliance. In a brief statement, BATT said the signing of this agreement last week by Finance Minister Colm Imbert is an important milestone and places this country, “in a good position to meet the September 30, 2016 reporting deadline. Addressing a post-Cabinet news conference at the Office of the Prime Minister in St Clair on August 11, Imbert said efforts by Government to ensure that this country is FATCA compliant has resulted in TT getting a one year extension in this regard.

Minister in the Ministry of the Attorney General and Legal Affairs Stuart Young previously said the former People’s Partnership (PP) government failed over the last five years to ensure TT was FACTA compliant.

The Association encouraged the Government to continue the implementation process, specifically with respect to the FATCA legislation which Young has indicated will be brought to Parliament shortly after it resumes.

Parliament will resume sittings on September 9. Young said the legislation will require a three-fifths majority for passage in the House of Representatives and the Senate.

He has indicated that Government will speak with the Opposition about getting its support for the legislation.

Opposition Leader Kamla Persad-Bissessar has previously said the Opposition will support legislation that is in the country’s interest.

BATT said it looked forward to working with Government and the Opposition as key stakeholders, “as we review and ultimately pass the enabling legislation which will allow local banks to meet their reporting requirements to the Board of Inland Revenue (BI R).” The Association encouraged the BI R to begin the process of working with member institutions to create the framework in which information between banks and the BI R will be shared, “to ensure we are indeed ready for the first reporting period” at the end of next month. BATT reiterated its commitment to working with its stakeholders and clients, “as we move to implement this important regime.

Source:
By Clint Chan Tack
Newsday
Wednesday August 24, 2016

http://www.newsday.co.tt/business/0,232326.html