Bankers association calls on Opposition to stop delay tactics

Less than an hour before Parliament was expected to sit in committee on the Income Tax (Amendment) Bill 2018, the Bankers Association of TT (BATT) called on the Opposition to move expeditiously in resolving their outstanding issues and swiftly pass the bill.

In a release sent to the media, BATT said it understood that all the current concerns had been treated with by the Government, and there was no need for any further consultation on the bill, as these same concerns were expressed and dealt with when the country was enacting the FATCA Bill.

The association said it had a "grave concern" that once again the country was in danger of allowing another critical bill to lapse, as the deadline for the Income Tax (Amendment) Bill 2018 is fast approaching.

It said the continued delay created a real risk for the country, as it will be placed in an untenable situation and the effects could be far-reaching for the financial sector, businesses and individuals alike.

The full release:

The Bankers Association of Trinidad & Tobago (BATT) is expressing grave concern that once again the country is in danger of allowing another critical Bill to lapse, as the deadline for the Income Tax (Amendment) Bill 2018 is fast approaching.

BATT is calling on the Opposition to move expeditiously in resolving their outstanding issues and swiftly pass the Income Tax (Amendment) Bill 2018. BATT understands that all the current concerns have been treated with by the Government, and there is no need for any further consultation on the Income Tax (Amendment) Bill, as these same concerns were expressed and dealt with when the country was enacting the FATCA Bill.

The continued delay creates real risk for the country, as it will be placed in an untenable situation and the effects could be far-reaching for the financial sector, businesses and individuals alike.

BATT reiterates that failure to pass this legislation could disrupt the smooth flow of correspondent banking relationships between domestic banks and our international correspondents. We are all cognizant of the vital role that correspondent banking plays in the functioning of the local financial services industry and the wider economy.

BATT would like to assure the general public that adequate mechanisms are in place internationally and domestically to prevent any abuse of the information shared with any jurisdiction. As with the passage of the FATCA legislation, only information relative to citizens of foreign jurisdiction will be eligible for sharing with those jurisdictions.

BATT strongly urges full cooperation in the passage of the Income Tax (Amendment) Bill 2018, so as to ensure compliance with international financial integrity standards.

BATT looks forward to increased efforts towards expediting this objective and remains committed to playing its part to ensure that our economy becomes and remains compliant with all international financial standards.

About The Bankers’ Association of Trinidad & Tobago

The Bankers Association of Trinidad & Tobago, BATT, was formed in 1997. The eight (8) member banks of BATT include the Bank of Baroda (Trinidad & Tobago) Limited, Citibank (Trinidad & Tobago) Limited, First Caribbean International Bank (Trinidad & Tobago) Limited, First Citizens Bank Limited, JMMB Bank (Trinidad & Tobago) Limited, Republic Bank Limited, Scotiabank Trinidad and Tobago Limited and RBC Royal Bank (Trinidad & Tobago) Limited. The association brings together these member banks under a common platform to address issues facing the commercial banking sector.