Chaguanas Chamber expresses concern about FATCA bickering but "cautiously optimistic"

Tuesday, February 14, 2017 - 13:15

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 Chamber has noted that the Opposition’s concerns have been addressed at the level of the requested Joint Select Committee (JSC) and we believe that this should give the business community some hope that this troubling political tussle will soon come to a positive conclusion. 

The Chamber, like other business organisations, has watched with deep concern as delay after delay laid the groundwork for failure of the proposed legislation. We believe that rather than bicker over this important issue that the Government and the Opposition have the capacity to work together in an amicable, timely and collaborative manner, so as to allow for the urgent passage of this Bill.

The Chamber calls on both the Government and Opposition to find the will to work together and act in the spirit of bi-partisanship, which can only result for the good of our nation.

The Chaguanas Chamber further reminds our august House of Representatives that we are embroiled in times of a stagnant economy, dealing with challenges in obtaining foreign exchange, increasing crime, and the continuous uncertainty emanating from the global environment.

These factors are already hampering the ease of doing business in our country and therefore our Members of Parliament must place priority and urgency in seeking the passage of the FATCA Bill so that it can positively impact the business environment and consumers. 

We must remind our MPs that businesses need to continue to work with the banking sector as well as their correspondent international banking institutions in order to effectively execute business operations, facilitate imports, settle bills with overseas suppliers and support competitive strategies.

If both parties are unable to reach an amicable and urgent solution then they must bear responsibility for the negative impact on a wide array of already troubled businesses in this country."