FATCA legislation now officially law as President assents

Wednesday, March 22, 2017 - 11:00

The FATCA legislation which had a turbulent ride through the House of Representatives, is now officially law.

The Officer of the President has issued a statement announcing that the President has assented to the legislation, officially making it the law of the land.

The following is the statement:

"An Act to repeal the Tax Information Exchange Agreement Act and replace it with a Tax Information Exchange Agreements (United States of America) Act was assented to on Monday last (March 20th, 2017) by His Excellency Anthony Thomas Aquinas Carmona ORTT, SC President of the Republic of Trinidad and Tobago.

This Act now make provision for the implementation of agreements between Trinidad and Tobago and the United State of America providing for the exchange of information for the purposes of taxation, the validation of the sharing of personal information held by the Board of Inland Revenue or financial institutions and for related purposes.

Also last week, March 17, 2017, His Excellency assented to an Act to amend the Public Procurement and Disposal of Public Property Act, 2015. This Act cited as the Public Procurement and Disposal of Public Property (Amendment) Act 2016, was received on June 16, 2017 and assented the following day by His Excellency."

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