Imbert: Government passing better tax laws

FINANCE Minister Colm Imbert said Governmnent has passed legislation to ensure Trinidad and Tobago meets its international obligations with respect to exchanging tax information and combating crimes such as money laundering and terrorist financing.

He made this statement in the House of Representatives on Wednesday while responding to questions from Naparima MP Rodney Charles.

He said Government had passed the Miscellaneous Provisions (Trustees, Exchequer and Audit Act, the Minister of Finance (Incorporation) Act, Proceeds of Crime, Income Tax, Companies, Partnerships, Securities, Tax Information Exchange Agreements, the Non-Profit Organisations and Mutual Administrative Assistance in Tax Matters) Bill, 2023 and the Miscellaneous Provisions (Registrar General, Companies, Registration of Business Names, and Non-Profit Organisations) Bill, 2023 in the Senate on November 24 and December 12 respectively.

He added that these two pieces of legislation will help TT become compliant with the requirements of international entities such as the Organization for Economic Co-operation and Development (OECD) and the Financial Action Task Force (FATF).

Imbert said further progress was made in achieving this goal through TT's participation in the 16th primary meeting of the Global Forum in Lisbon, Portugal from November 27-December 1.

Rural Development and Local Government Minister Faris Al-Rawi led TT's team at that meeting.

Charles, who will not be standing for re-election in the 2025 general election, asked why TT is not fully compliant with the requirements of the OECD (Organisation for Economic Cooperation and Development).

Imbert said, "The EU and the OECD keep moving the goalposts."

Saying other countries hold a similar view, Imbert told senators a vote was taken at the UN on November 23 to end the OECD's dominance of global tax co-ordination.

Imbert said the vote was led by a proposal from Nigeria and supported by 125 nations, most of which were developing countries.

"TT voted for this resolution."

Imbert said developed nations such as the US, UK, Germany and Japan voted against the resolution.

He added that OECD member nations Mexico, Norway, Iceland and Turkey abstained.

In concluding debate on the Miscellaneous Provisions Bill in the Senate on Tuesday, Attorney General Reginald Armour, SC, rejected claims by temporary Opposition Senator Dr Tim Gopeesingh that TT is blacklisted by foreign entities.

He said since February 2020, FTAF had removed TT from its grey list and concluded that TT is no longer subject to active monitoring.

He said TT was placed in that situation in January 2015 by the failure of the UNC-led People’s Partnership coalition government to comply with the Caribbean Financial Action Task Force’s (CFATF) anti-money laundering and terrorist-financing regulations.