Business organisations disappointed in FATCA failure

Several business agencies have put together a joint statement expressing disappointment in the Parliament's failure to pass FATCA legislation today.

The following is their statement: 

"AMCHAM T&T, ATTIC, BATT, The Energy Chamber, TTCIC, TTCSI and the TTMA are deeply disappointed by the developments in Parliament earlier today and the failure of Parliament to debate and pass the Tax Information Exchange Bill.  

We urge all Parliamentarians to put the best interest of the country first and not risk our future financial stability.

FATCA debate falls flat as Opposition walks out; will not be passed before September 30th deadline

Debate on the FATCA legislation has fallen apart and will not be passed by the deadline of September 30th.

It now means that Trinidad and Tobago will not be in compliant with the Foreign Accounts Tax Compliance Act agreement with the United States, unless this county gets an extension from the US Government.

Leader of Government Business, Camille Robinson-Regis adjourned the sitting to 1.30 pm on Friday September 30th, after a walk-out by the Opposition.

PM mum on who's protecting him

Prime Minister Dr Keith Rowley is not saying whether his security team at present consists of officers of the Police Special Branch or members of the Defence Force.

The matter was raised by the Opposition in the House of Representatives, during the part of the proceedings that allow for questions to the Prime Minister.

However, Dr Rowley told the House that as a public official who is exposed to the elements and is being afforded protection of state agencies, he is "not prepared to discuss any security afforded to me or any citizen afforded security by the State".

Extraordinary Parliament sitting next week as Opposition seeks to have VAT changes annulled

The Parliament will meet in an extraordinary session next week to debate a motion to annul the recent changes made to Value Added Tax.

The motion is to be presented by Tabaquite Member of Parliament Dr Suruj Rambachan.

A statement from the Parliament reads:

"In accordance with Standing Order 13(3) of the House of Representatives, there will be an Extraordinary Sitting of the House of Representatives to be held on Tuesday March 8, 2016 at 1:30 p.m. 

Government seeks to borrow $15 billion

The Government will present a motion in Parliament on Friday, seeking authorisation to borrow as much as $15 billion dollars either locally or externally.

The motion forms part of the Order Paper released by the Parliament this morning.

It will also present another motion that will seek to set a limit of $45 billion for borrowings of companies that are guaranteed by the Government.