00:00One of the pieces of legislation to be amended under the Global Forum Bill 2024
00:05is the Tax Information Agreements United States of America Act, or FATCA, legislation.
00:11One particular clause read by Finance Minister Colin Byrd
00:14has caused concern for the United National Congress.
00:17Clause 8A adds a new definition for competent authority,
00:21specifically for use in a tax information exchange agreement.
00:27In Trinidad and Tobago, the competent authority would be the minister
00:30responsible for finance or his authorized representative.
00:34For other countries, the definition would align with the specifications
00:37in their tax information exchange agreement.
00:40Well, according to Barataria San Juan MP Saddam Hussein, it is unacceptable.
00:45He states that during a 2017 Joint Select Committee relating to FATCA,
00:50the opposition rejected that the competent authority should be the minister,
00:54and this was instead replaced with the Board of Inland Revenue in the Income Tax Act.
00:59And now surreptitiously, you go back on that particular position, Madam Speaker,
01:05and place the minister as the competent authority.
01:08He says as it relates to FATCA, the competent authority carries a lot of power,
01:13such as exchanging tax information with the Secretary of the Treasury to administer tax laws.
01:19That means the minister will be privy to taxpayer's information.
01:23That is the danger of this thing.
01:26So he can request information and also see information that is requested.
01:31Entrust these heavy responsibilities that deal with confidentiality
01:36and sensitive information in the hands of independent institutions.
01:41In the hands of independent institutions, not a politician.
01:45Hussein states that many of the other compliant countries
01:49have the equivalent of the BIR as their competent authority.
01:53However, Rural Development and Local Government Minister,
01:56former Attorney General Faris El Rawy, has this to say.
02:00But Madam Speaker, to answer the allegation from Barataria San Juan,
02:05the Minister of Finance still operates within the confines of the law.
02:10That is Act No. 5 of 2020.
02:14And Madam Speaker, the Minister of Finance has no assertion of authority
02:22from the Board of Inland Revenue.
02:24There is a wall legislatively constructed in this Act.
02:29The confidential information resides with the Board of Inland Revenue.
02:33It does not go to the Minister of Finance.
02:36Meanwhile, UNC leader Kamala Bissessa criticizes the government
02:40for what is being called an omnibus legislation
02:43with voluminous amendments from the EU Global Forum
02:47as admitted by the Finance Minister.
02:50Imbert states that he received those EU amendments on Thursday night.
02:54But this isn't sitting well with Pasad Bissessa,
02:57who at a time of the debate revealed she had not seen the recommendations.
03:01Where could we see them?
03:04We have a duty to pass law in keeping with the best interests
03:09of the people of Trinidad and Tobago.
03:11You blindside us. You blindside us.
03:13Wednesday you say we're doing this.
03:15Yesterday we're going through all stages of this 190 pages.
03:18Until you're coming out.
03:20I don't know if it's on the table, the amendments.
03:22Have they been tabled, Madam? I don't know.
03:24Alicia Boucher, TV6 News.
Comments