OPM: Failure to Pass FATCA Could Mean Economic Hardship

OPM: Failure to Pass FATCA Could Mean Economic Hardship

Your grocery bill, transportation costs, everyday banking transactions and the overall ease of doing business will be negatively impacted, if we fail to pass legislation to enforce the Foreign Account Tax Compliance Act (FATCA), when it returns to Parliament in February.

FATCA legislation, once enacted, has little direct impact on Trinidad and Tobago citizens.

The law was designed to identify US persons living abroad or with assets and business interests outside of the US, for tax collection purposes.

Financial institutions worldwide have been asked to share information on their US clients with the US Inland Revenue Service (IRS).