@Innocente – another Boris Johnson style guessing game, is it?
For what it’s worth, I renounced last October, yet my name hasn’t appeared on the list.
However, if the renunciation is in doubt, he should be able to settle the question by showing his CLN, or, at the very least, his Embassy receipt. If he can’t produce either of those, it does sound dubious.
In any case, I’m with iota: ain’t gonna believe him this time around until I see him standing in front of a camera with a CLN. Similar example from Jamaica: one politician lied about renouncing US citizenship, and only got caught because of WikiLeaks two years later http://mobile.jamaicagleaner.com/gleaner/20110523/lead/lead5.php
“….. For a country to formally agree to FATCA, it has to sign an intergovernmental agreement (IGA) with the US, which Argentina now seeks to negotiate. Former AFIP head Ricardo Echegaray tried to sign a deal over the last few years but was only willing to do so if it was reciprocal — something the US rejected.”…….
….
“..“The US doesn’t care about helping Argentina to locate undeclared bank accounts of Argentines. The big players will always find a way to hide their funds,” Juan Valerdi, La Plata University economist specialized on money laundering, told the Herald. “Reciprocity with the US is impossible, you can’t force its banks to start looking at the funds of Argentines.”
Automatic exchange
As the US implemented FATCA and forces country to hand over bank data, it has rejected taking part in a similar initiative launched by the Organization for Economic Co-operation and Development (OECD) — which is pushing for countries to automatically start sharing fiscal data starting next year…”…….
from Trinidad;
The Banksters (including RBC and Scotiabank) and AmCham are busy urging on the FATCAnization of Trinidad by the US;
“…n late June, the leaders of Republic Bank Ltd, Scotiabank, RBC, JMMB Bank Ltd called for the legislation to be taken to the Parliament, the Model 1A Inter-Governmental Agreement (IGA) to be signed and the system for collecting data at the Board of Inland Revenue put in place.
Frustrated that T&T was not yet compliant, the bankers called a news conference to highlight the implications for T&T if the country was non-compliant. The bankers had said they had been lobbying for T&T to be compliant for several years spanning two administrations and it was now critical for the measures to be put in place.
Imbert, in a statement to the T&T Guardian, had signalled his intention to meet with the Opposition about the legislation since it required a special majority in order for the legislation to pass in the Parliament.
One of the implications for being non-compliant is that a withholding tax of 30 per cent can be implemented on the US dollars flowing into T&T’s banking system from the US.
Commenting on the implementation of the tax, AmCham said there were complexities surrounding the tax including the “legality of the withholding provisions given the account holder’s contractual rights, demanding customers to give up their privacy rights or closing their accounts and perceived conflict with the Data Protection Act.”
Overall, AmCham said there were more questions than answers concerning the FATCA law specifically the general principles, breadth of scope and the implications of FATCA. But it called for the reformation of the Board of Inland Revenue, which it said “would allow for greater efficiency of tax collection. Action towards its efficiency is a critical component if we are to enforce the obligations and responsibilities under the IGA.”…”…
And so interesting that a small country like Trinidad has yet to implement an IGA in legislation, yet our own Canadian Prime Minister Stephen Harper pushed it through asap ab/using his majority, with limited parliamentary discussion, no public discussions and hidden in an Omnibus bill.
What was the hurry to cede sovereignty to the US, Canada? Trinidad and some other much smaller nations have yet to do so.
Link for above article;
‘AmCham joins call for FATCA compliance’
“Nadaleen Singh
Published:
Thursday, July 14, 2016
American Chamber of Commerce of T&T (AmCham) yesterday called on government to bring legislation to the Parliament governing the Foreign Account Tax Compliance Act (FATCA) so T&T can meet the September 30 deadline for implementation.
@ Badger,
Good suggestion. I will start a FATCA and Brazil thread with a link to Eric’s post. I think that is our first post specifically about Brazil (or any South American country), so that’s why no “FATCA and …” index page for it/them yet. I’ll check the archives to see if I’ve missed any. Thanks!
@ Badger,
It turns out I missed several! So double thanks 🙂
“…Opposition Leader Kamla Persad-Bissessar, however, believes there is sufficient time for the Bill to be reviewed in detail and allow for appropriate consultations with stakeholders.
She said the parliamentary agenda can be adjusted immediately to accommodate a comprehensive review of this most important piece of legislation.
Mrs. Persad- Bissessar reiterated her position that they would not support the Bill in its present form.
The Opposition has agreed to meet with Government to resolve issues relating to the Bill.The deadline to pass the Tax Bill and meet the FATCA requirement is September 30th.”…….
“..outcome of a 30-minute meeting yesterday between Government and the Opposition to discuss the proposed legislation.
Following talks at the Parliament Building in Port-of-Spain, Finance Minister Colm Imbert told reporters: “What we are going to do now is speak to the US Treasury to see if we can get an extension of time to allow a proper Joint Select Committee (JSC) session to take place after the budget.”
He said he was confident the request will be granted, adding that Government had agreed “to facilitate the Opposition with a proper JSC, not a rush job and not a piecemeal job.”
In an immediate response, Opposition Leader Kamla Persad-Bissessar, who did not attend the hastily arranged meeting, said she was happy about the development. At last Friday’s sitting of the House of Representatives she had said the Opposition would not be supporting the bill without amendments.
Persad-Bissessar said she had always felt there was sufficient time “for arrangements to be made in order to get good legislation passed rather than rushed legislation.”….”……..
Confusing comments from both sides, opposition stating they had no problem with the FATCA agreement, but rather the details of the legislation. Government mis-representing those affected, stating that citizens of T&T should have no problems, only US citizens – ignoring duals, those with a US citizens spouse, greencard holders, etc. Banksters moaning………..
For more, do a Google search;
fatca AND Trinidad
limit results by time period.
Thanks @pacifica. I kind of feel that I’ve neglected posting links re FATCA for some areas of the world whose politics, language (of media coverage, reports, etc.), and local angle on issues etc. are more unfamiliar to me, and thus there are gaps in what I’ve collected and posted. Part of it is that I am basically unilingual, so searching is more difficult, and also I’m not always familiar enough to read between the lines of media articles and weigh them critically, raise questions, track down other documents, etc.
Currently there is quite a bit in the media about T &T and FATCA and wrangling over enabling legislation for their IGA. Same issues come up repeatedly, ex. privacy, banks moaning, access to the info collected, data protection, undemocratic process, etc. Government in power rushing legislation through and claiming (incorrectly and without acknowledging the cost to T&T taxpayers and accountholders) that most residents and T&T citizens won’t be affected at all, etc.
Those Banksters in Dominica and elsewhere are busy lobbying everywhere in the world to make sure they can profit without pesky interruption by sovereignty and civil rights issues getting in the way;
http://sundominica.com/articles/why-is-dominica-behind-in-this-3802/
“….FATCA is an admittedly controversial law (some say it reflects THE HEAVY FINANCIAL ARM of the U.S…) under which financial institutions worldwide are required to report account details of its account holders that are treated as ‘reportable’ to the USA under the regulations. To expedite the implementation of FATCA, the United States negotiated IGAs (inter governmental agreements) with a number of partner jurisdictions.
Controversial or not, the Bankers Assn recommends that all IGAs should be signed and all relevant regulations/legislation should be in force before December 31, 2016. Failure to do so could result in significant repercussions for foreign financial institutions (FFIs) within these jurisdictions…”
‘Trinidad And Tobago Indicates FATCA Law Impasse’
by Jason Gorringe, Lowtax.net, London
16 September, 2016
“The Trinidad and Tobago Government has acknowledged it does not have sufficient sway to adopt legislation to comply with the Foreign Account Taxpayer Compliance Act……”…..”he legislation requires a special majority in the territory’s Parliament – a 3/5 majority – which the present government does not have”……….”Earlier, the Government said it is seeking to resolve the matter by holding discussions with the opposition, which has refused to vote on the bill.”……….
Trinidadian letter to editor mentions resistance to FATCA in Canada and elsewhere, and asks some very important questions, plus their situation appears to have some unique factors;
‘The truth about FATCA’
Published on Sep 17, 2016, 11:00 pm AST
By Rose-Marie Belle Antoine
Prof Rose-Marie Belle Antoine is Dean, Faculty of Law, The UWI, and former president of the Inter-American Commission on Human Rights, OAS, Washington DC, USA. This is the continuation in a series from Dean Antoine and colleagues who will illuminate on current issues of law of social concern.
“…..hus, our concern should not be narrow ones about domestic overreach but broad concerns about compulsion in the international sphere.
Our bill is distinct since it merges both the FATCA and TIEA regimes. The OECD TIEA model operates within established parameters, agreed by the international community, with important checks and balances, eg, the principle that information is to be surrendered only if “reasonably forseeable” that it is necessary for prosecution. That is absent and we are permitting routine information.
Further, courts elsewhere have insisted notice must be provided for information transfers to be in accord with due process.
Our TIEA says no notice.
FATCA is another example of the unilateralism of the US in such matters, a move that has been criticised by the UK, Canada and other countries.
Administration costs will be huge. However, we have missed the opportunity for a regional approach, unlike in 2001 when we succeeded in pushing back against the first onslaught.
I note approvingly, however, this bill, unlike the SSA, made provision for constitutional violations in requiring a special majority.
TIEAs are reciprocal, so the US agrees to assist us in obtaining routine information about monies held in US bank accounts by our taxpayers (without notice).
This must be examined, but will their banks co-operate and will the US enforce, given it would put a dent in their own financial sector?….”
The usual suspects urging Trinidad to surrender its people and their rights to FATCA:
‘Private sector groups urge passage of FATCA legislation’
Published on Sep 20, 2016,
“…..In a full page advertisement in a local newspaper here, the private sector organisations including the American Chamber of Commerce of Trinidad and Tobago (AMCHAM), the Association of Trinidad and Tobago Insurance Companies (ATTIC) and the Bankers Association of Trinidad and Tobago (BATT), called on legislators to ensure passage of the bill within the deadline.
They said they “strongly urge both the government…and the opposition to expedite their discussions and work together with a greater sense of urgency to pass the Tax Information Exchange Bill 2016 to meet the September 30, 2016 deadline.
“This is necessary to give effect to the Inter-Governmental Agreement signed between this country and the United States of America on August 19th, 2016 regarding the Foreign Account Tax Compliance Act (FACTA)”.
The private sector group, which also included the Energy Chamber of Trinidad and Tobago, the Trinidad and Tobago Chamber of Industry and Commerce, the Trinidad and Tobago Coalition of Service Industries and the Trinidad and Tobago manufacturers Association, said an urgent request is being made to pass the bill before the deadline “and thereafter the implementation of the necessary infrastructure at the Board of Inland Revenue drawing as necessary on the precedents existing in other Caribbean countries.
“We fear that delaying this any further may result in serious negative consequences for the stability of the economy as well as individuals and businesses.
“.. US Ambassador John Estrada in a brief statement issued from Washington said he wanted to provide an update on FATCA after he had initially indicated that the Keith Rowley administration had submitted a “detailed step-by-step plan” to the United States Government on how it intends to bring the FATCA agreement into force.
Estrada said that the plan had been submitted to the US Treasury.
“Let me start by saying we strongly recommend that Trinidad and Tobago pass legislation no later than February 2017, in order to carry out the commitments undertaken when the FATCA agreement was signed by our two countries, and in line with the implementation plan put forward by the government of Trinidad and Tobago,” Estrada said……”……..
The US directly tells other sovereign countries what the deadline and the outcome must be – of their own domestic legislation?
http://harbourtimes.com/2016/10/03/fatca-meets-the-western-wall-of-judges-in-israel-us/
“The Hong Kong Special Administrative Region government has acknowledged that customers encounter FATCA related difficulties though it maintains that FATCA implementation is part of the its commitment in global efforts to enhance tax transparency and combat tax evasion, and is in line with efforts adopted in other jurisdictions. Recent developments are discussed below…….”…….
@Innocente – another Boris Johnson style guessing game, is it?
For what it’s worth, I renounced last October, yet my name hasn’t appeared on the list.
However, if the renunciation is in doubt, he should be able to settle the question by showing his CLN, or, at the very least, his Embassy receipt. If he can’t produce either of those, it does sound dubious.
Back in 2011, PPK said he was going to renounce, and waved a DS-4079 around for the cameras. However it was later reported (though by a newspaper that’s generally aligned with one of the other parties) that he “suspended” the renunciation process
http://elcomercio.pe/politica/gobierno/ppk-pedido-yehude-simon-debo-recordarles-que-soy-peruano-nacimiento-noticia-1517107
In any case, I’m with iota: ain’t gonna believe him this time around until I see him standing in front of a camera with a CLN. Similar example from Jamaica: one politician lied about renouncing US citizenship, and only got caught because of WikiLeaks two years later
http://mobile.jamaicagleaner.com/gleaner/20110523/lead/lead5.php
The usual compliance industrial complex / IR product placement threats – this time in an English language piece from Italy repeating the by now familiar ……….. ;
http://www.theamericanmag.com/article.php?feature=law&column=101
FATCA, and other US financial sanctions in Lebanon:
http://www.thenational.ae/opinion/comment/hizbollah-bombs-wont-beat-the-banking-system
Re Argentina:
Monday, June 27, 2016
‘Assets agreement with US not quite ‘reciprocal’
http://www.buenosairesherald.com/article/216923/assets-agreement-with-us-not-quite-%E2%80%98reciprocal%E2%80%99
“….. For a country to formally agree to FATCA, it has to sign an intergovernmental agreement (IGA) with the US, which Argentina now seeks to negotiate. Former AFIP head Ricardo Echegaray tried to sign a deal over the last few years but was only willing to do so if it was reciprocal — something the US rejected.”…….
….
“..“The US doesn’t care about helping Argentina to locate undeclared bank accounts of Argentines. The big players will always find a way to hide their funds,” Juan Valerdi, La Plata University economist specialized on money laundering, told the Herald. “Reciprocity with the US is impossible, you can’t force its banks to start looking at the funds of Argentines.”
Automatic exchange
As the US implemented FATCA and forces country to hand over bank data, it has rejected taking part in a similar initiative launched by the Organization for Economic Co-operation and Development (OECD) — which is pushing for countries to automatically start sharing fiscal data starting next year…”…….
from Trinidad;
The Banksters (including RBC and Scotiabank) and AmCham are busy urging on the FATCAnization of Trinidad by the US;
“…n late June, the leaders of Republic Bank Ltd, Scotiabank, RBC, JMMB Bank Ltd called for the legislation to be taken to the Parliament, the Model 1A Inter-Governmental Agreement (IGA) to be signed and the system for collecting data at the Board of Inland Revenue put in place.
Frustrated that T&T was not yet compliant, the bankers called a news conference to highlight the implications for T&T if the country was non-compliant. The bankers had said they had been lobbying for T&T to be compliant for several years spanning two administrations and it was now critical for the measures to be put in place.
Imbert, in a statement to the T&T Guardian, had signalled his intention to meet with the Opposition about the legislation since it required a special majority in order for the legislation to pass in the Parliament.
One of the implications for being non-compliant is that a withholding tax of 30 per cent can be implemented on the US dollars flowing into T&T’s banking system from the US.
Commenting on the implementation of the tax, AmCham said there were complexities surrounding the tax including the “legality of the withholding provisions given the account holder’s contractual rights, demanding customers to give up their privacy rights or closing their accounts and perceived conflict with the Data Protection Act.”
Overall, AmCham said there were more questions than answers concerning the FATCA law specifically the general principles, breadth of scope and the implications of FATCA. But it called for the reformation of the Board of Inland Revenue, which it said “would allow for greater efficiency of tax collection. Action towards its efficiency is a critical component if we are to enforce the obligations and responsibilities under the IGA.”…”…
And so interesting that a small country like Trinidad has yet to implement an IGA in legislation, yet our own Canadian Prime Minister Stephen Harper pushed it through asap ab/using his majority, with limited parliamentary discussion, no public discussions and hidden in an Omnibus bill.
What was the hurry to cede sovereignty to the US, Canada? Trinidad and some other much smaller nations have yet to do so.
Link for above article;
‘AmCham joins call for FATCA compliance’
“Nadaleen Singh
Published:
Thursday, July 14, 2016
American Chamber of Commerce of T&T (AmCham) yesterday called on government to bring legislation to the Parliament governing the Foreign Account Tax Compliance Act (FATCA) so T&T can meet the September 30 deadline for implementation.
FATCA became law in the US in March 2010 and since then the American Chamber of Commerce of T&T (AmCham) said it had been very vocal on the issue. “…………
http://www.guardian.co.tt/business/2016-07-14/amcham-joins-call-fatca-compliance
Thanks, Badger.
Bank/sters continue to work against the domestic rights and best interests of ordinary people:
http://www.caribbeannewsnow.com/headline-Bankers-association-encourages-Caribbean-governments-to-comply-with-FATCA-31622.html
Admins, would it be useful to add a S.America thread here, or one for Brazil in order to add a link to the recent very comprehensive thread by Eric http://isaacbrocksociety.ca/2016/09/09/so-whats-going-on-with-the-brazil-u-s-social-security-totalization-agreement/ ?
@ Badger,
Good suggestion. I will start a FATCA and Brazil thread with a link to Eric’s post. I think that is our first post specifically about Brazil (or any South American country), so that’s why no “FATCA and …” index page for it/them yet. I’ll check the archives to see if I’ve missed any. Thanks!
@ Badger,
It turns out I missed several! So double thanks 🙂
Lots of coverage of issues:
Opposition in T&T to the rushing through of FATCA IGA enabling legislation (Trinidad & Tobago);
http://ctvtt.com/ctv/index.php/c-news/news/item/44009-urgent-facta-decisions
“…Opposition Leader Kamla Persad-Bissessar, however, believes there is sufficient time for the Bill to be reviewed in detail and allow for appropriate consultations with stakeholders.
She said the parliamentary agenda can be adjusted immediately to accommodate a comprehensive review of this most important piece of legislation.
Mrs. Persad- Bissessar reiterated her position that they would not support the Bill in its present form.
The Opposition has agreed to meet with Government to resolve issues relating to the Bill.The deadline to pass the Tax Bill and meet the FATCA requirement is September 30th.”…….
T&T asks US for extension:
http://www.guardian.co.tt/business/2016-09-13/tt-asks-fatca-extension
“..outcome of a 30-minute meeting yesterday between Government and the Opposition to discuss the proposed legislation.
Following talks at the Parliament Building in Port-of-Spain, Finance Minister Colm Imbert told reporters: “What we are going to do now is speak to the US Treasury to see if we can get an extension of time to allow a proper Joint Select Committee (JSC) session to take place after the budget.”
He said he was confident the request will be granted, adding that Government had agreed “to facilitate the Opposition with a proper JSC, not a rush job and not a piecemeal job.”
In an immediate response, Opposition Leader Kamla Persad-Bissessar, who did not attend the hastily arranged meeting, said she was happy about the development. At last Friday’s sitting of the House of Representatives she had said the Opposition would not be supporting the bill without amendments.
Persad-Bissessar said she had always felt there was sufficient time “for arrangements to be made in order to get good legislation passed rather than rushed legislation.”….”……..
Constitutional and privacy issues raised:
http://www.looptt.com/content/war-words-continue-over-fatca-bill
US Ambassador to T&T makes unhelpful comments;
http://www.wiredja.com/media/k2/items/cache/c007c612d1a7bd5bb4ee26732134555b_XL.jpg
Confusing comments from both sides, opposition stating they had no problem with the FATCA agreement, but rather the details of the legislation. Government mis-representing those affected, stating that citizens of T&T should have no problems, only US citizens – ignoring duals, those with a US citizens spouse, greencard holders, etc. Banksters moaning………..
For more, do a Google search;
fatca AND Trinidad
limit results by time period.
Thanks @pacifica. I kind of feel that I’ve neglected posting links re FATCA for some areas of the world whose politics, language (of media coverage, reports, etc.), and local angle on issues etc. are more unfamiliar to me, and thus there are gaps in what I’ve collected and posted. Part of it is that I am basically unilingual, so searching is more difficult, and also I’m not always familiar enough to read between the lines of media articles and weigh them critically, raise questions, track down other documents, etc.
Currently there is quite a bit in the media about T &T and FATCA and wrangling over enabling legislation for their IGA. Same issues come up repeatedly, ex. privacy, banks moaning, access to the info collected, data protection, undemocratic process, etc. Government in power rushing legislation through and claiming (incorrectly and without acknowledging the cost to T&T taxpayers and accountholders) that most residents and T&T citizens won’t be affected at all, etc.
Oooo, AmCham T &T is upset, and demands FATCA without further delay. So inconvenient in democracies when little things like fellow citizens, due process, debate, sober consideration, civil and human rights etc. get in the way.
http://www.cnc3.co.tt/business-watch/business-watch-amcham-upset-over-fatca-delay
Those Banksters in Dominica and elsewhere are busy lobbying everywhere in the world to make sure they can profit without pesky interruption by sovereignty and civil rights issues getting in the way;
http://sundominica.com/articles/why-is-dominica-behind-in-this-3802/
“….FATCA is an admittedly controversial law (some say it reflects THE HEAVY FINANCIAL ARM of the U.S…) under which financial institutions worldwide are required to report account details of its account holders that are treated as ‘reportable’ to the USA under the regulations. To expedite the implementation of FATCA, the United States negotiated IGAs (inter governmental agreements) with a number of partner jurisdictions.
Controversial or not, the Bankers Assn recommends that all IGAs should be signed and all relevant regulations/legislation should be in force before December 31, 2016. Failure to do so could result in significant repercussions for foreign financial institutions (FFIs) within these jurisdictions…”
‘Trinidad And Tobago Indicates FATCA Law Impasse’
by Jason Gorringe, Lowtax.net, London
16 September, 2016
“The Trinidad and Tobago Government has acknowledged it does not have sufficient sway to adopt legislation to comply with the Foreign Account Taxpayer Compliance Act……”…..”he legislation requires a special majority in the territory’s Parliament – a 3/5 majority – which the present government does not have”……….”Earlier, the Government said it is seeking to resolve the matter by holding discussions with the opposition, which has refused to vote on the bill.”……….
http://www.lowtax.net/news/Trinidad-And-Tobago-Indicates-FATCA-Law-Impasse-72242.html
Opposition to FATCA enabling legislation in Trinidad continues:
https://www.guardian.co.tt/business/2016-09-17/imbert-fatca-debate-after-budget
Answers posted by EU Parliament to MEP Sophie in’t Veld’s latest written questions on FATCA – and reciprocity;
http://www.europarl.europa.eu/sides/getDoc.do?pubRef=-//EP//TEXT+WQ+E-2016-005680+0+DOC+XML+V0//EN&language=en
Trinidadian letter to editor mentions resistance to FATCA in Canada and elsewhere, and asks some very important questions, plus their situation appears to have some unique factors;
‘The truth about FATCA’
Published on Sep 17, 2016, 11:00 pm AST
By Rose-Marie Belle Antoine
Prof Rose-Marie Belle Antoine is Dean, Faculty of Law, The UWI, and former president of the Inter-American Commission on Human Rights, OAS, Washington DC, USA. This is the continuation in a series from Dean Antoine and colleagues who will illuminate on current issues of law of social concern.
“…..hus, our concern should not be narrow ones about domestic overreach but broad concerns about compulsion in the international sphere.
Our bill is distinct since it merges both the FATCA and TIEA regimes. The OECD TIEA model operates within established parameters, agreed by the international community, with important checks and balances, eg, the principle that information is to be surrendered only if “reasonably forseeable” that it is necessary for prosecution. That is absent and we are permitting routine information.
Further, courts elsewhere have insisted notice must be provided for information transfers to be in accord with due process.
Our TIEA says no notice.
FATCA is another example of the unilateralism of the US in such matters, a move that has been criticised by the UK, Canada and other countries.
Administration costs will be huge. However, we have missed the opportunity for a regional approach, unlike in 2001 when we succeeded in pushing back against the first onslaught.
I note approvingly, however, this bill, unlike the SSA, made provision for constitutional violations in requiring a special majority.
TIEAs are reciprocal, so the US agrees to assist us in obtaining routine information about monies held in US bank accounts by our taxpayers (without notice).
This must be examined, but will their banks co-operate and will the US enforce, given it would put a dent in their own financial sector?….”
http://www.trinidadexpress.com/20160917/letters/the-truth-about-fatca
Well, live and learn. I assumed a TIEA was just a name for a bilateral treaty. I didn’t realize it was a thing imposed on small countries by bigger countries. There’s a list on the OECD site (http://www.oecd.org/tax/exchange-of-tax-information/taxinformationexchangeagreementstieas.htm). There seems to be a distinct power imbalance. For a change.
Good find, badger.
More on the situation in Trinidad;
http://blogs.angloinfo.com/us-tax/2016/09/20/fatca-whos-bailing-out-under-pressure/
The usual suspects urging Trinidad to surrender its people and their rights to FATCA:
‘Private sector groups urge passage of FATCA legislation’
Published on Sep 20, 2016,
“…..In a full page advertisement in a local newspaper here, the private sector organisations including the American Chamber of Commerce of Trinidad and Tobago (AMCHAM), the Association of Trinidad and Tobago Insurance Companies (ATTIC) and the Bankers Association of Trinidad and Tobago (BATT), called on legislators to ensure passage of the bill within the deadline.
They said they “strongly urge both the government…and the opposition to expedite their discussions and work together with a greater sense of urgency to pass the Tax Information Exchange Bill 2016 to meet the September 30, 2016 deadline.
“This is necessary to give effect to the Inter-Governmental Agreement signed between this country and the United States of America on August 19th, 2016 regarding the Foreign Account Tax Compliance Act (FACTA)”.
The private sector group, which also included the Energy Chamber of Trinidad and Tobago, the Trinidad and Tobago Chamber of Industry and Commerce, the Trinidad and Tobago Coalition of Service Industries and the Trinidad and Tobago manufacturers Association, said an urgent request is being made to pass the bill before the deadline “and thereafter the implementation of the necessary infrastructure at the Board of Inland Revenue drawing as necessary on the precedents existing in other Caribbean countries.
“We fear that delaying this any further may result in serious negative consequences for the stability of the economy as well as individuals and businesses.
“If non-compliant, international corresponding banking relationships may be terminated, resulting in severe restrictions on everyday banking services such as remittances services, credit card and wire transactions, and other services requiring access to the US financial system”…..”
http://www.trinidadexpress.com/20160920/business/private-sector-groups-urge-passage-of-fatca-legislation
US “strongly recommends” Trinidad&Tobago pass FATCA IGA enabling legislation by February 2017;
http://www.jamaicaobserver.com/news/US-gives-Trinidad-new-deadline-for-approving-FATCA-legislation
“.. US Ambassador John Estrada in a brief statement issued from Washington said he wanted to provide an update on FATCA after he had initially indicated that the Keith Rowley administration had submitted a “detailed step-by-step plan” to the United States Government on how it intends to bring the FATCA agreement into force.
Estrada said that the plan had been submitted to the US Treasury.
“Let me start by saying we strongly recommend that Trinidad and Tobago pass legislation no later than February 2017, in order to carry out the commitments undertaken when the FATCA agreement was signed by our two countries, and in line with the implementation plan put forward by the government of Trinidad and Tobago,” Estrada said……”……..
The US directly tells other sovereign countries what the deadline and the outcome must be – of their own domestic legislation?
http://harbourtimes.com/2016/10/03/fatca-meets-the-western-wall-of-judges-in-israel-us/
“The Hong Kong Special Administrative Region government has acknowledged that customers encounter FATCA related difficulties though it maintains that FATCA implementation is part of the its commitment in global efforts to enhance tax transparency and combat tax evasion, and is in line with efforts adopted in other jurisdictions. Recent developments are discussed below…….”…….