Category: Jamaica

TAJ Reports Perfect Record For FATCA Filings

Tax Administration Jamaica (TAJ) reported on Tuesday that local financial institutions required to report under the Foreign Account Tax Compliance Act (FATCA) are now 100 per cent compliant. FATCA is United States legislation designed to target US taxpayers holding accounts and assets outside that country and are non-compliant with US...

OECD to report on countries’ non-compliance in tax transparency

At the recent G20 meeting in China, finance ministers stressed their support for greater tax transparency, calling for a report from the OECD on the implementation of automatic exchange of information before the end of the year, and stating that by July 2017 it wants a list of non-compliant jurisdictions...

Brazil, Jamaica and Uruguay expand their capacity to fight international tax avoidance and evasion

Jamaica and Uruguay today signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters and Brazil deposited its instrument of ratification of the Convention on the occasion of the launch of the OECD’s Latin American and Caribbean Regional Programme and the OECD Ministerial Council Meeting. Jamaica and Uruguay became...

Submission for Customs Supplement Tax Administration Jamaica

Transfer pricing is the general term for the pricing of cross-border and domestic, intra-group transactions between connected parties. It refers to the setting of prices for transactions between connected persons involving the transfer of property or services. Companies can be connected in various ways, for example, two wholly owned subsidiaries...

S. Korea, Macau to sign tax information exchange agreement

Macau’s Financial Services Bureau (DSF) has confirmed to Business Daily that the local authority is to sign a Tax Information Exchange Agreement (TIEA) with South Korea, which would add to the existing 15 jurisdictions that have already signed this agreement with the territory. According to the Bureau, its South Korean...

Demand overseas territories crack down on tax dodging shell firms, PM told

Charities remind Cameron of pledge to ‘continue to lead world on tax and transparency’ before meetings with leaders of overseas territories Campaigners are urging David Cameron to use a meeting with leaders of Britain’s overseas territories this week to demand a crackdown on tax dodging, corruption and money laundering. Leading...

Transfer pricing — the global phenomenon

THE world appears to be getting much smaller. Rapid technological advances, increased people mobility, and changes in the international political climate have all helped to break down many of the traditional barriers to global and regional trade. For dynamic, fast-growing businesses, this increased globalisation represents an excellent opportunity for businesses...

Jamiaca’s Financial Institutions Facing New Options

KINGSTON, Jamaica – Externally imposed requirements have had unintended and undesired consequences on Jamaica’s financial institutions, says Tasha Manley, Executive in charge of Compliance for Jamaica National Building Society (JNBS). Miss Manley was addressing this year’s annual conference co-hosted by the Jamaica Bankers’ Association (JBA) and the Jamaica Institute of...

ANCA Welcomes Congressman Ted Lieu’s Advocacy for a U.S.-Armenia Double Tax Treaty

LOS ANGELES—The Armenian National Committee of America – Western Region (ANCA-WR) is expressing its appreciation to Congressman Ted Lieu for authoring a letter to U.S. Treasury Secretary Jacob Lew in support of a U.S.-Armenia Double Tax Treaty. The accord, if concluded, would, by limiting the prospect of double taxation, remove...

Caribbean countries under attack

Once again, Commonwealth Caribbean countries are under attack as “tax havens”, even though they are nothing of the sort. This time it is not only the usual countries which have been listed. Trinidad and Tobago has been included, and we can bet that Jamaica and Guyana will be added unless...

FATCA Takes Effect Next Month

Effective August 17, financial institutions in Jamaica will be required to transmit relevant financial information to Tax Administration Jamaica (TAJ) – the competent authority – on persons who reside permanently in the United States (US) or persons who earn a substantial amount of their income from or within the United...

Editorial: Europe’s Black List And FATCA

The Caribbean Community (CARICOM) had every right to be outraged – as was expressed by its leaders at their recent summit in Barbados – over the decision by the European Union (EU) to name and shame eight of its members for supposedly failing to cooperate against the use of their...

FATCA – Which Countries Are In And Out

FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network....

Proposed U.S. Model Treaty Provisions May Dramatically Alter International Tax Landscape

The U.S. Model Income Tax Treaty (the U.S. Model Treaty) generally represents the United States’ opening position in treaty negotiations. As a result, when changes to the treaty are proposed, international tax practitioners should be aware of the potential impact those changes can have on their existing inbound U.S. structures....

Chairman Royce, Rep. Pallone welcome US-Amenia Trade & Investment Framework Agreement

House Foreign Affairs Committee Chairman Ed Royce (R-CA) and Congressional Armenian Caucus Co-Chair Frank Pallone (D-NJ) were among the first Congressional leaders to welcome the May 7th signing of the U.S.-Armenia Trade and Investment Framework Agreement (TIFA), a longstanding policy priority for the Armenian National Committee of America (ANCA). Chairman...

US/Cuba ties: How Barbados can benefit

THE THAWING OF RELATIONS between the United States (US) and Cuba will open up the opportunity for Barbados to “serve as an intermediary for investment into Cuba”. But two prominent American lawyers, including one who advises Government, have warned that the “on paper” advantage Barbados has under its double taxation...

Countries and Companies Square Off Over International Tax

An OECD initiative on tax evasion is causing ripples around the world While a host of topics — from the necessity and the proposed scope of corporate tax reform, to corporate rate reduction and corporate inversions — are of major concern to those engaged in international tax, the overriding issue...

Cayman: Money laundering reports spike

The number of suspicious activity reports of potential money laundering have increased by 42 per cent to 558 cases over 2012/2013, reports the Cayman Compass. The Financial Reporting Authority, the national agency which receives the reports of suspected money laundering and other financial crime, believes the record number was prompted...

US and the Caribbean: brief summits not enough

US President Barack Obama and Jamaica Prime Minister Portia Simpson-Miller have pronounced his visit to Jamaica and their bilateral discussions to be a success. What is certain is that media coverage of Obama’s visit and his late night call at the Bob Marley museum where the President declared “I still...

Public sector wages the main budget issue

OPPOSITION spokesman on finance and planning, Audley Shaw, believes that the failure of the Government to make any progress in wage-related discussions with its employees could make it the major challenge for 2015/16, as the budget debate commences this afternoon at Gordon House. “There is nothing in the budget which...

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas...

Government backs off some new tax measures

THE Ministry of Finance and Planning has given an assurance that it will withdraw some of the measures proposed in the Tax Collection (Miscellaneous Provisions) Act and the Tax Penalties (Harmonisation) Act which are aimed at facilitating increased tax revenues. In response to growing opposition over one of the most...

$1- B Tax Fraud

AN information technology (IT) technician is now before the court while several others, including business operators, are said to be under investigation for allegedly defrauding Tax Administration Jamaica (TAJ) of more than $1 billion in revenue. TAJ said yesterday that it will ensure all involved in the massive billion-dollar revenue...

Jamaica At Final Stage To Implement FATCA

Next week, Jamaica and the United States (US) will officially sign the intergovernmental agreement (IGA) to implement the US’ Foreign Account Tax Compliance Act (FATCA), putting the island well ahead of its CARICOM counterparts. “We have actually signed off on the text of the agreement and it is going to...

FATCA Overreach

A correspondent told me that last week’s column on Caribbean response to the US Foreign Account Tax Compliance Act (FATCA) was puzzling. Why didn’t the column expose those wimps – Caribbean ministers of finance and governments? How could they accept this bullying US imposition? My response was that I expressed...

More Countries Agree to Help U.S. Crack Down on Tax Dodgers

The Treasury Department added 19 nations to its list of countries that have reached agreements with the U.S. on carrying out a far-reaching law aimed at preventing offshore tax dodging by American citizens. The Treasury and the Internal Revenue Service said the 19 nations – including Australia, Brazil, South Africa...

Barbados To Expand Double Taxation Network

Barbados’ financial-services sector is rated as the second-largest source of foreign exchange earnings, behind tourism, for which new markets are being sought outside of Canada. On Thursday, central bank governor, Dr DeLisle Worrell, said the country has been losing business in its International Business and Financial Services Sector (IBFS), which...

FATCA Registration Delayed

Local commercial banks and near banks regulated by the Bank of Jamaica (BOJ), as well as other entities regulated by the Financial Services Commission (FSC), which are counted as Foreign Financial Institutions (FFIs) under US law, should now be engaged in registering online with the United States Internal Revenue Service...