The Opposition yesterday refused to budge on proposed Joint Select Committee scrutiny of the Fatca legislation.
The United National Congress reinforced this point when a delegation met representatives of the Bankers’ Association (BATT) and American Chamber of Industry and Commerce (Amcham) on the legislation.
Following the talks, UNC whip David Lee said: “We’re maintaining our position for JSC examination of the legislation, since we, the Opposition, aren’t the be-all and end-all of scrutiny.
“There are other stakeholders — such as UWI legal luminaries — who have views on the legislation and that could add further amendments to the situation.”
The UNC met both groups following appeals from the business sector to support passage of the legislation, which has so far failed due to lack of Opposition support. The Opposition walked out of Parliament twice when the bill was to be debated and didn’t show up most recently to stress its call for JSC scrutiny.
The legislation facilitates a tax information sharing agreement with the US, but failure to pass the law could see financial institutions/US citizens suffering a 30 per cent withholding tax on US-sourced income. Online transactions could also halt, affecting remittances as well as T&T’s banking system and economy. The legislation must be passed by February 2017.
Lee said BATT and Amcham seemed receptive.
“We shared our position on the JSC and time lines on the issue. They didn’t tell us the JSC is needed, but we explained why we feel it’s critical.”
He said BATT’s last position to the Opposition yesterday was a request to consider the legislation based on amendments made recently. BATT noted there’s been a narrowing of concerns on both sides.
Lee added, “They said they hoped Government and Opposition will get together for proper dialogue to ensure the legislation is passed within the deadline.
“We need other input on the legislation since neither the PNM or UNC sides in Parliament have financial analysts who can serve the purpose in if the legislation is examined by the Lower House alone. That leaves a lot to be desired. But a JSC would allow facilitate such experts.”
On whether the UNC would attend the January 6 Parliament sitting on Fatca and not boycott again, Lee said, “We’re hopeful government can have the JSC on January 6.”
Amcham meets
Govt next....
BATT chairman Anya Schnoor, who emerged from yesterday’s meeting with representatives of Republic, RBC and FCB — said the meeting was “good.” She, however, declined comment.
Amcham president Ravi Suryadevera said they were on record with its view that the JSC was not required.
Suryadevera confirmed Amcham had urged the Opposition to “get on” with the legislation. Amcham has a meeting with Government on the issue tomorrow.