The Bankers Association of Trinidad and Tobago (BATT) met with members of the Opposition on Monday 19th December, 2016, to discuss matters related to the Tax Information Exchange Act and the implications of FATCA non-compliance on the Country. Members of the Opposition shared with the BATT Executive Team their areas of concern related to the process around the debate and the need for a Joint Select Committee (JSC) to debate the bill to ensure the legislation agreed is “good legislation”. BATT shared with the Opposition members their views on the current amended draft of the legislation, that was recently presented to Parliament in December 2016 and which included numerous amendments previously proposed by the Opposition and noted the fact that the areas remaining for debate had narrowed considerably.
BATT reiterated to the Opposition the consequence for non-compliance and the negative implications to the Country, the Financial Sector and ordinary citizens of Trinidad and Tobago, if FATCA is not implemented. The Opposition expressed their support for the Country obtaining FATCA compliant status and the meeting concluded with an agreement to continue consultation to ensure passage of the legislation before the revised deadline of February 2017.
BATT thanks the Opposition Members for the opportunity to dialogue on an issue of great national importance and we again urge both the Government and Opposition to come together in the best interest of Trinidad and Tobago and pass the Tax Information Exchange Act.