The Tax Information Exchange (United States of America) Bill, 2016, also known as the FATCA (Foreign Account Taxpayer Compliance) Bill was passed last night in the Senate without a dissenting vote.
The vote was 29 in favour, none against and 1 abstention.
This follows the unanimous passage of the bill in the House of Representatives on February 23rd 2017, where all 39 MPs who were present on that day, voted in favour of the amended bill.
The Employers Consultative Association (ECA) says it is relieved that the FATCA legislation has finally been passed in the House of Representatives.
The ECA issued this statement on Friday.
"The Employers Consultative Association of Trinidad and Tobago (ECA) wishes to express its relief that the long-awaited legislation relating to the Foreign Account Tax Compliance Act (FATCA) has finally been passed.
After months of debate, the House of Representatives has passed the Foreign Account Tax Compliance Act (FATCA).
Finance Minister Colm Imbert moved that the bill be read a third time and passed, around 7.44 pm following which the matter went to the vote.
All Opposition Members in the House voted in favour of the bill.
The Clerk of the House then reported to House Speaker Bridgid Annisette-George that the vote had ended up 39 for, 0 against, giving the bill far more that the required three-fifth's majority to be passed.
The American Chamber of Commerce is once again urging parliamentarians to pass the FATCA legislation in Parliament when the matter is debated on Thursday.
The bill is likely to go to a vote tomorrow and will require a special three-fifths majority to be passed.
Amcham issued this statement on the matter today.
The Chaguanas Chamber is expressing concern about the bickering between the Government and the Opposition that is delaying the passage of the FATCA legislation.
The Chamber says, however, that it is cautiously optimistic that the bill will be passed.
The following is a statement by the Chamber.
"The Chaguanas Chamber of Industry and Commerce (CCIC) is cautiously optimistic that our country’s Parliament will facilitate the passage of the proposed FATCA legislation.
The country must wait another week to know the fate of the Foreign Account Tax Compliance Act (FATCA) legislation as the Government acceded to the Opposition's request for more time for the Joint Select Committee (JSC) to deliberate.
The Opposition told the Parliament that report of the JSC could only be considered as an interim report as it claimed there were many whose opinions were not yet considered.
Opposition MPs Dr Roodal Moonilal and Dr Tim Gopeesingh said the JSC's work was rushed by members of the Government who were on the committee.