T&T passes law on bank accounts held by US persons
(Trinidad Guardian) After five months of hard battle between the Government and Opposition, legislation to facilitate the Foreign Account Taxation Agreement (FATCA) between T&T and the United States was passed in the House of Representatives at 7.48 on Wednesday night, with unanimous support from both sides.
“I finally beg to move, after many months – five months,” Finance Minister Colm Imbert said with a laugh of relief, as debate and final committee examinations of the legislation concluded.
Legislation was passed with amendments in several areas with the nod of approval from all 39 Government and Opposition MPs present.
At least three Opposition votes had been required for passage.
The legislation enables local financial institutions to report to the US Internal Revenue Service (IRS) on accounts held by US clients. This will be done via T&T’s Board of Inland Revenue. The FATCA facility is part of US’ tax evasion law.
The legislation came to fruition on Wednesday night in the Lower House, almost at the eleventh hour of the deadline for approval which the US had recommended. The US had suggested passage this month – which ends next week with Carnival.
Having crossed the first hurdle in the Lower House, the legislation must now be debated in the Upper House. This will be after Carnival, Attorney General Faris AlRawi said after Wednesday night’s debate. For Ocean Going Vessels the opening lasts about For Trawlers the opening lasts about