....and so little boys and girls..Kamla wrote Trump a letter...

[88sins]

I'm curious how this will apply to those that seek US citizenship after building their savings and developing theit assts and investments locally. If persons apply for a visa, is the local embassy going to have the IRS investigate their financial information to vett who gets a visa and who doesn't?

And what about if after you've developed your savings and investments here, and for some reason you've applied for and received US citizenship, is the IRS going to access you financial data here and try to tax you?

Compliance with this law has the potential to create a lot of distress for both locals and US citizens alike.

[branbran]

Smh allyuh bashing ppl but turning a blind eye to the Government who driving this country to the ground and not doing anything about the crime and nothing in fact lol so relax allyuh self

[Country_Bookie]

And what about if after you've developed your savings and investments here, and for some reason you've applied for and received US citizenship, is the IRS going to access you financial data here and try to tax

Once you're a US citizen, you will be subject to paying their taxes. Doesn't matter if you haven't lived there in decades or don't earn your income there; once u haven't renounced U.S. citizenship you have to pay taxes to the IRS. With this law, the banks can deduct the taxes directly from your account without your permission & remit to the IRS. Some US citizens who no longer live there are giving up their citizenship as a result.

[desifemlove]

Smh allyuh bashing ppl but turning a blind eye to the Government who driving this country to the ground and not doing anything about the crime and nothing in fact lol so relax allyuh self

same government that has to pass this bill with opposition support, and thus stop T&T being isolated in global markets.

[desifemlove]

I'm curious how this will apply to those that seek US citizenship after building their savings and developing theit assts and investments locally. If persons apply for a visa, is the local embassy going to have the IRS investigate their financial information to vett who gets a visa and who doesn't?

And what about if after you've developed your savings and investments here, and for some reason you've applied for and received US citizenship, is the IRS going to access you financial data here and try to tax you?

Compliance with this law has the potential to create a lot of distress for both locals and US citizens alike.

https://www.irs.gov/individuals/interna ... ens-abroad

apparently so.

[desifemlove]

^ So this talk that going around about how its mainly UNC financiers who are worried is true or no? if so why would they be worried? shouldn't PNM financiers also be worried?

For some reason Kamla seems way more worried over this than Rowley, anyone want to comment on why exactly?

Another person on Tuner said this FATCA bill almost eliminates majority of corruption world wide, looking to get more info on if this is true and therefore fatca a good thing? The reason I ask is because I listen to this talk show on night times from 8PM on 90.5 FM And I notice a lot of people mainly UNC people who were very Pro American is suddenly Anti American when it comes to FATCA.

This one who guy always praised America called last night and accused America of being a bully and a big bad wolf, I am curious as to why such sudden hate over FATCA?

http://www.economist.com/news/leaders/2 ... tcas-flaws

https://www.treasury.gov/connect/blog/p ... fatca.aspx
Lots of US ex-pats don;t like it. I don't think it's high on Trump's agenda to repeal.

[88sins]

Nowhere near Donald Dump's mind to repeal it. He will most likely use this as a means of showing the might of the US as a nation, as in Yankee say jump, world shouldn't even ask how high, just start bouncin.

Another potential issue in the making would be how does this affect large companies that were started by US financiers, companies that were initiated outside the US but have the bulk of their capital was put in by investors and coporations originating in the US, whose profits, dividends and drawings are paid to US citizens. They might make a move to amend this law to allow them to tax those companies. Then what?
If they did that, that would cripple if not kill the interest of foreign investors looking to set up shop here or anywhere else. And it wouldn't be that difficult for them to do.

This thing have so many potentially disastrous consequences for everyone other than Uncle Sam that it ain't funny or to be taken lightly.

[rspann]

There's on word everybody forgetting. Reciprocity.

[88sins]

Total recciprocity with this sort of thing isnt a good idea either. It can only benefit other nations if they elect to copy that legislation. That would lead to mass global double taxation. Because Trini's in other nations will be paying taxes wherever they are, and still have to pay taxes here as well.
Besides that, Trinidad would potentially recieve a few hundred million in revenue globally due to our limited/small population, but the IRS will be able to claim hundreds of billions in taxes across the globe.

That law is one unholy mess.

[rspann]

Is this what Trinis with foreign assets will have to worry about ,all who own property in the US and thus pay taxes in the US,Trini boat owners who have Delaware registered companies and pay taxes to keep their registration intact. What about those who work in the US and pay taxes , it's much deeper than just US citizens and who have income here. The AG specified Reciprocity on more than one occasion.

[Trinispougla]

Is this what Trinis with foreign assets will have to worry about ,all who own property in the US and thus pay taxes in the US,Trini boat owners who have Delaware registered companies and pay taxes to keep their registration intact. What about those who work in the US and pay taxes , it's much deeper than just US citizens and who have income here. The AG specified Reciprocity on more than one occasion.

Yeah. The legislation applies to all transactions involving US banks and currency. The penalty for failure to pass the legislation is taxation on all US transactions. I think the tax is 30% of the total transaction. Which is why we need to pass it because over time, TT has become heavily and almost totally dependent on foreign purchases. As I was telling another 2ner, imagine a 30% tax on a shipment of goods for Massy from a US supplier? That is how serious the legislation is and Trump's protectionist policies will on make the penalty worse. Belize in big trouble right now because they are the only Caribbean country to reject FATCA outright. Antigua passed the agreement earlier this week

[desifemlove]

http://www.looptt.com/content/trump-and ... t%E2%80%9D

Hmmmm......FATCA must have been one of them.

[dude2014]

You all who following Looptt, I hope you know they sprang to fame on fake news. There was the story on the pope and condoms.

In other news, I know (Rowley Does not know) the Govt of Trinidad and tobago should also reciprocate and invite President Trump to TnT. TnT is important to US because of Petroleum, peace times, War times, remember the alleged tunnels in Cumuto and Carlsen Field?

TnT will never be isolated from the Global Market, too much Petro dollars. If that happens is because we too lazy to buy online, own Ferrari, Porche and other exotic products. The internet also has a lot to do with it.

And since we are talking about Madam Opposition Leader, dont forget as a regional Power house, we are a revolving ATM.

Home work time, the Tax Code of The united States Of America is Approximately 2200 pages, together with its many amendments, States also having their own tax compliance issues. Read it if you have a concern and then you will be apprised.

[desifemlove]

US wants energy independence. it has since Bush Jr., only Trump wants to dig for oil and not use renewables like Obama did. They don't need T&T for energy.

[desifemlove]

Didn't Padarath study international relations? Ent Suruj got his PhD in it?

Advise their leader how international power structures work. USA/Trump has no reason to listen what she wrote. http://www.guardian.co.tt/news/2017-02- ... line-looms

Just suck it up, pass the bill, and see if he repeals it before the next POTUS election. I don't believe he will, he has no reason to.

[rspann]

Me is Taliban ,me get bomb from Female First.

[rspann]

Me is Taliban ,me get bomb from Female First forums.

[desifemlove]

so rspann says he so smar and everybody has to like he...hahaha...that he don't know what FATCA is?

and how i cannot make post asking for info, cos he thinks all adults need to bow to he? #mandirmorality

[dude2014]

If you have some question on FATCA, check the Newsday of Wednesday 22nd. There is an Advertisement on some of the questions being asked and the answers therein.

I still going Europe or Germany for my holiday ............... The 4ck King Gringos nah getting meh Trini dollars.

The Asians accepting TT$ in China ..... so Wha we waitin on?

[Dizzy28]

If you have some question on FATCA, check the Newsday of Wednesday 22nd. There is an Advertisement on some of the questions being asked and the answers therein.

I still going Europe or Germany for my holiday ............... The 4ck King Gringos nah getting meh Trini dollars.

The Asians accepting TT$ in China ..... so Wha we waitin on?

Go Germany.....since it's in Europe you will get two visit both and kill two birds with one stone.

[dude2014]

Thanks. Glad somebody paying attention ............... Have friends and family up that side. They will be glad to see me.

[pj15]

If you have some question on FATCA, check the Newsday of Wednesday 22nd. There is an Advertisement on some of the questions being asked and the answers therein.

I still going Europe or Germany for my holiday ............... The 4ck King Gringos nah getting meh Trini dollars.

The Asians accepting TT$ in China ..... so Wha we waitin on?

You serious?

[dude2014]

If you asking about the money yes. Got it from a colleague who does go China. Ask around, plenty chinese to speak to. Those of you who have credit cards are there other countries (Not USA) that does issue credit cards? How can this be leveraged?
With regards travel arrangement check a Travel Agency.
We should organise a tuner trip to Europe.

Trumpet and his fat as@ americans are the ones whose ass@ not being wiped. They firing Immigrants who protested and branding dem Non Team players. Well they will pass through a needle's eye before they fire my as@. Newsday 22/2/2017.

[Numb3r4]

The issue of the Chinese willing to do busines does not surprise me, with the Trump administration behaving the way it is it is fairly reasonable to assume that the Chinese may want some sort of foothold or at least want to have a safe space near to the US. It is what they did in Africa offering to build roads in exchange for mineral rights. We do have an active Chinese association here we do have a lot of trade going on with Chinese companies from general goods to construction, oil and gas equipment and labour, so it is very believable that they would accept TT dollars.

[Numb3r4]

The issue of the Chinese willing to do busines does not surprise me, with the Trump administration behaving the way it is it is fairly reasonable to assume that the Chinese may want some sort of foothold or at least want to have a safe space near to the US. It is what they did in Africa offering to build roads in exchange for mineral rights. We do have an active Chinese association here we do have a lot of trade going on with Chinese companies from general goods to construction, oil and gas equipment and labour, so it is very believable that they would accept TT dollars.

With regards to credit cards it is probably only a matter of time before Chinese banks start offering the service publicly.

[pj15]

FATCA Bill passed in lower house ...39-0-0

[K74T]

[De Dragon]

No! It really pass?

[Hyperion]

so Kamla and her band of blow hards were only playing the rass all the time, as usual putting self before country. Disgusting behaviour. They know the entire country would have held the UNC responsible if the deadline wasn't met.

[De Dragon]

so Kamla and her band of blow hards were only playing the rass all the time, as usual putting self before country. Disgusting behaviour. They know the entire country would have held the UNC responsible if the deadline wasn't met.

Yeah the PNM wasn't no part of the drama. Them did faultless.