Tuesday, 14 February 2017 13:05

Bankers Restate Need to Pass FATCA Legislation

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Bankers have again voiced their support for the passage and implementation of laws for T&T to become FATCA (Foreign Account Tax Compliance Act) compliant. According to President of the Bankers Association of Trinidad and Tobago, Anya Schnoor implications of non-compliance can result in T&T being unable to trade internationally. She said failure to pass the legislation could also lead to a 30 percent withholding tax implemented on US dollars flowing into the banking system in T&T from the US.

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