It is unlikely that the timeline set by Finance Minister Colm Imbert for the Foreign Accounts Tax Compliance Act (Fatca) to be dealt with by both houses of Parliament would be met. This as the Joint Select Committee agrees that the public should be given an opportunity to have their say on the legislation.
Government had set February 3rd, that's Friday as the day for a vote on the legislation once the report from the JSC was delivered.
But the Guardian has been reliably informed that at Wednesday's meeting of the Committee which comprises Government, Opposition and Independent members of Parliament it was agreed that a public notice will be placed in the media inviting public comment on the legislation. The public we are told will be given ten days to submit comments, concerns and recommendations.
Asked if this will affect the report to go before Parliament the Guardian was told that it will, but sources say they are optimistic that the deadline for passage of legislation by the end of this month will be met.
Well placed sources said at Wednesday's meeting a proposal was tabled to make failure to disclose under the Foreign Accounts Tax Compliance Act (Fatca) an indictable offence. Under the current legislation failure to disclose is a summary offence which carries a one year jail term and a $30,000 dollar fine. The proposal is to increase that to three years imprisonment with a fine of $100,000 dollars.
The recommendation on the table of failure to disclose as an indictable offence is for imprisonment for five years and a fine of quarter million dollars.
The Guardian was told that concerns were raised from some members about the proposal on the grounds that the system is too slow.
At the five meetings of the committee so far, amendments were proposed and changes discussed will be made with an amended bill is to be presented to the committee. Guidelines for the Central Bank are also to be presented to the Committee at its next meeting. No date has as yet been fixed for another meeting.
The opposition which had lobbied for the JSC has said once the legislation returns to Parliament after the work of the JSC it will support it.