Let’s work together to meet the FATCA deadline

Let’s work together to meet the FATCA deadline
December 10, 2016 BATT

The Bankers Association of Trinidad and Tobago (BATT) notes with concern recent the developments that could further delay of the passage of the Tax Information Exchange Bill, by the Parliament of Trinidad and Tobago. This legislation is critical to enabling Trinidad and Tobago to meet the revised deadline agreed for the establishment of the regime to comply with FATCA.

We urge both the Government and the Opposition to put aside partisan concerns and do what is right and in the best interest of Trinidad and Tobago. The continued delay creates real risk to an economy already battered by the effects of falling revenue from the energy industry. If we miss the revised deadline of February 2017 the country will be placed in an untenable situation and the effects could be far reaching for businesses and individuals alike.

BATT remains steadfast in its commitment to provide both the Government and the Opposition, comments on the initial draft of the legislation to assist with expediting the debates. BATT will also continue its efforts at consultation to ensure we work collaboratively at a time of great challenge for our Country.

This is an important time in our democracy. While debate is necessary and healthy there comes a point when we must step back and do the right thing. Let this be that time.

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