Finance Minister Colm Imbert says he expects a reply from the United States' Treasury sometime next week on the Government's request for an extension of the deadline to become FATCA compliant.
The Minister told a news conference after the breakdown of the debate today, that the Government could not allow the bill to go to a vote and fail because it would have taken another six months before it could have been brought back to Parliament.
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.
Finance Minister Colm Imbert has said that the revenue this country earned from petroleum in 2016, amounted to just $1.7 billion compared to $19.3 billion two years ago in 2014.
He said when other shortfalls are taken into account, this government had $20 billion less to run the economy, than when the previous government was in office.
He made the revelation at a public meeting in Mt Dor last evening, saying he had only just got the figures.
Opposition Leader Kamla Persad-Bissessar says that if the Government sets up a Joint Select Committee of Parliament to review the Foreign Account Tax Compliance Act (FATCA) at Parliament's sitting on Friday, they are willing to meet throughout the weekend to ensure the bill is passed before the end of the month.
Persad-Bissessar has issued a statement saying it is the Government that is playing politics with the critical piece of legislation.
The following is Persad-Bissessar's statement:
“The Prime Minister is playing games with FATCA legislation.
Finance Minister Colm Imbert says the People's Partnership Government chose not to pass the FATCA legislation when it had the majority it needed in Parliament to do so.
The Minister has issued a statement giving his position on the FATCA controversy.
"The Hon. Colm Imbert, Minister of Finance, has noted comments in the public domain which indicate a complete misunderstanding of the real issues with respect to the Foreign Account Taxpayer Compliance Act (FATCA) legislation currently before the Parliament.