AG: D-Day for Income Tax bill

ATTORNEY General Faris Al-Rawi said today was "D-Day" for the Income Tax (Amendment) Bill and if it was not passed it will lead to de-risking by banks, and foreign transactions that would normally take a day may take months to complete.

He was speaking at a media conference held at the Office of the Attorney General, Port of Spain, and responding to statements by Opposition Leader Kamla Persad-Bissessar that the bill was flawed and should be returned to a joint select committee (JSC).

The bill is scheduled to debated today, requires Opposition votes to pass and is necessary to meet obligations with the Global Forum.

Al-Rawi said there was a clear understanding the Opposition would put their concerns about the bill in writing but he was not aware the correspondence had even been acknowledged as received by the Opposition.

He added Persad-Bissessar has made the "wild allegation" the bill will allow government access to taxpayers' information. Al-Rawi stressed the only entities permitted access are law-enforcement entities namely the Director of Public Prosecution's Office regarding the Police Service obtaining information and the Financial Intelligence Unit (FIU).

"There is a complete wall between the TT Police and the FIU as it relates to any information to which they have. So Mrs Persad-Bissessar's statement that this somehow allows for the government to get taxpayers' information is absolute nonsense."

He said 26 votes were needed and Government has 23 available but there can be no extension. He added if the bill is not passed it will lead to foreign banks not accepting transactions or the application of enhanced due diligence where one-day transactions will take three to five months.