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Trinidad And Tobago's Lower House Passes FATCA Bill

by Mike Godfrey, Lowtax.net, Washington
01 March, 2017

Trinidad and Tobago's House of Representatives has passed a bill to facilitate domestic financial institutions' compliance with the US Foreign Account Taxpayer Compliance Act.

FATCA, enacted by the US Congress in 2010, is intended to ensure that the US obtains information on accounts held abroad at foreign financial institutions (FFIs) by US persons. Failure by an FFI to disclose information on their US clients will result in a requirement to withhold 30 percent tax on payments of US-sourced income.

The Tax Information Exchange Agreements Bill 2016 was passed by the House of Representatives after months of wrangling between government and opposition parties. The bill now moves to the Senate. The Government has said it is confident that the Senate will also approve the bill.

Earlier US authorities said that Trinidad and Tobago must have FATCA legislation in place by February 2017 or it will be treated as having failed to carry out its commitments in the FATCA intergovernmental agreement signed by the US and Trinidad and Tobago. The agreement provides for information to be transmitted through a centralized authority in Trinidad and Tobago to US authorities and vice versa.

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