Maroc - NEWSDAY.CO.TT - A la Une - 14/Sep 07:32

Imbert: Bill will get Trinidad and Tobago off of EU’s blacklist

FINANCE Minister Colm Imbert urged the Opposition to support a bill to get Trinidad and Tobago off of a European Union (EU) blacklist and so make this country attractive to investors. In the House of Representatives on September 13, he piloted the Miscellaneous Provisions (Global Forum) Bill 2024. Eight MPs spoke on the bill and debate was adjourned to a date to be fixed. Imbert said he would present amendments at the committee stage, as recently presented by the EU Global Facility on Anti Money Laundering and Countering the Financing of Terrorism. He said the Global Forum Secretariat in March had examined TT's legislative changes as regards tax transparency. "I got them last night," Imbert said. "They are critical, If we don't accept the recommendations of the EU, we risk not getting off the blacklist." He said the bill reflected TT's commitment to global transparency. Imbert said he had a series of deadlines to get TT off the blacklist by year-end. "This bill is absolutely essential. Let's work together." He said passage would save TT from stigma and ensure that foreign investment to TT was not affected. Imbert spelt out aspects of the bill. These include a $10,000 fine for failure to register a business in line with the Business Names Act plus $300 per day for each day the offence continues, which replaces the current penalty of $200 per day. He said firms must keep accurate records. Imbert also said the Non Profit Organisation Act will be amended such that if an NPO is deregistered, the Attorney General may apply to a court to seize its property if the NPO has failed to apply to get re-registered. The bill also variously addresses shell companies, beneficial owners and shareholders, he said. Imbert said the Government was committed to the reforms, engaging with the EU and training local staff to handle the changes. However, he warned that if local staff at the Board of Inland Revenue did not do the work to deal with beneficial ownership, all the MPs' efforts to pass the bill would amount to nil. Imbert said the bill amends 16 acts. These are the Prevention of Corruption, Proceeds of Crime, Anti-Terrorism, National Insurance, Financial Intelligence Unit, Income Tax, Corporation Tax, Petroleum Taxes, Registration of Business Names, Companies, Tax Information Agreements (USA), Non-Profit Organisation, Tax Information Exchange Agreements, Mutual Administrative Assistance in Tax Matters, Miscellaneous Provisions (Trustees, Exchequer and Audit, the Minister of Finance (Incorporation) Act, Income Tax, Companies, Partnerships, Securities, Tax Information Exchange Agreements, the Non-Profit Organisations and Mutual Administrative Assistance in Tax Matters) and Miscellaneous Provisions (Registrar General, Companies, Registration of Business Names and Non-Profit Organisations) Acts. The bill was later passed with ammendments after a sitting of the committee. The post Imbert: Bill will get Trinidad and Tobago off of EU’s blacklist appeared first on Trinidad and Tobago Newsday.