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  • 1 year ago
Amendments to 16 pieces of legislation were debated in the lower house today as T&T seeks to be removed from the European Union's listing of non-tax compliant jurisdictions.
Transcript
00:00A bill is brought to the lower house to amend some 16 pieces of legislation.
00:05While the proposed amendments may appear extensive,
00:08and I must confess I only got them myself last night,
00:12and I do apologize to members for the late notice,
00:16they are critical.
00:18If we do not accept the recommendations of the Global Forum EU team,
00:25we may run the risk of not being successful in the peer review process
00:32which we are currently engaged in to get off the EU blacklist
00:36and the Global Forum non-compliance list.
00:40The Global Forum on Transparency and Exchange of Information for Tax Purposes
00:45is a multilateral framework for tax transparency and information sharing
00:50within which over 178 jurisdictions participate.
00:55The bill before us reflects Trinidad and Tobago's commitment
01:00to global standards of tax transparency.
01:03We have been given a series of deadlines and timelines
01:07to achieve our objective of coming off of the grey lists,
01:13the black lists, non-compliant lists, whatever you want to call them,
01:16by the end of this year.
01:18The amendments, Finance Minister Kom Inbel says, protect taxpayers' rights,
01:23ensure the exchange of information strictly adhere to what was agreed upon,
01:28it increases investor confidence,
01:30strengthens efforts to combat terrorist financing,
01:33and promote economic growth.
01:35Allowing the registrar to strike a company off the register
01:39if there is reason to believe that any information provided in applications
01:44or documents is misleading, false or deceptive in a material way.
01:49As one can see, Madam Speaker,
01:51these amendments are designed to enhance transparency and accountability.
01:56Inbel says contact has been established with persons and dialogue continues.
02:01On the 3rd of July, I wrote to the Chair of the Code of Conduct Group
02:06of the European Council, outlining the extensive efforts we have undertaken
02:12and reaffirming our commitment to meeting the necessary requirements
02:15for Trinidad and Tobago's removal from the list of non-cooperative tax jurisdictions.
02:20So we keep pushing this, Madam Speaker.
02:23Once the bill is passed, he says companies will be held
02:26to higher standards of compliance and governance.
02:29A team from the European Union visited TNT earlier this month
02:33and proposed amendments to the Registrar General's Office.
02:36Although late, Minister Inbel still proposed the amendments for consideration.
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