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Banks will suffer if tax bill not passed*

Being cut off from the world’s financial powerhouse, the United States of America, is at stake. It would mean the end of credit cards, wire transfers, remittances, the ability to cash US dollar-denominated cheques and much more if the Government does not pass legislation to implement the Foreign Account Tax Compliance Act (FATCA) by September 30. Speaking at Scotiabank’s hospitality suite at the Oval in Port of Spain Wednesday evening, outgoing president of the Bankers Association of T&T (BATT), managing director RBC Royal Bank (Trinidad and Tobago) Ltd, Darryl White, said: “Our FATCA sub-committee set about to work closely with the Government agencies and other partners to implement a FATCA regime, and I am happy to see that the Prime Minister, Dr Keith Rowley, has indicated that this legislation will be a priority in the new term of Parliament as both the Government and the Opposition are fully aware that the deadline for compliance is September 30.”

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© Luis Alfonso Oberto Anselmi

© Luis Oberto Anselmi

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© Luis Alfonso Oberto Anselmi

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