Category: Jamaica

Barbados, Jamaica Sign New International Tax Treaty

PARIS, France– Ministers and high-level officials from six countries, including two in the Caribbean, have signed the BEPS Multilateral Convention, the first multilateral treaty of its kind. The Convention will enable governments to swiftly update their networks of existing tax treaties and further reduce opportunities for tax avoidance. Barbados, Jamaica,… – Continue reading

Jamaica, Italy sign elimination of double taxation agreement

KINGSTON, Jamaica (JIS) — The Government of Jamaica has signed an agreement with the Republic of Italy for the elimination of double taxation with respect to taxes on income and for the prevention of tax evasion and avoidance. The signing took place at the Ministry of Finance and Public Service’s… – Continue reading

Canada willingly makes tax deals with tax havens

The seeds of Canadian corporations hiding billions of dollars in offshore tax havens were sown more than 40 years ago, after the Canadian government pursued a series of tax treaties with tiny Caribbean and European nations. The 92 tax treaties now signed with countries such as Barbados, Jamaica and Malta… – Continue reading

Jamaica Facing Correspondent Banking Challenges

Finance Minister Audley Shaw says investors from Jamaica’s diaspora are challenged by international banks who are refusing to do correspondent banking with banks in Jamaica. Correspondent banking allows a financial institution to do business on behalf of banks in other countries, making it easy for persons to move cash from… – Continue reading

‘Anti-business law’

Samuda blasts Gov’t for transfer pricing policy Opposition spokesman on industry and commerce Karl Samuda addressing the transfer pricing policy in Parliament on Tuesday. KARL Samuda has described the transfer pricing regime, as well as the Government’s push to implement it retroactively, as unfriendly to business, and has predicted that… – Continue reading

Passports for cash: the countries selling citizenship to tax havens

Citizenship has been turned into a commodity by countries including Cyprus, Grenada, Antigua, Malta and St. Kitts in the Caribbean, which is now the most popular place in the world to buy a passport – for as little as $250,000. The draw? Little or no tax. New citizens of St…. – Continue reading

Bank Negara urged to act on 1MDB funds in Cayman Islands

The existence of 1MDB’s RM7 billion in the Cayman Islands and its return to Malaysia must be verified. KUALA LUMPUR: Pandan MP Rafizi Ramli urged Bank Negara Governor Zeti Akhtar Aziz, in a statement on Wednesday, to invoke the Anti Money Laundering Act and ensure that a reported RM7 billion… – Continue reading

Banks To Report FATCA Information To TAJ

Jamaican banks and other financial institutions affected by the US Foreign Account Tax Compliance Act (FATCA) will have to bear the cost to implement the programme, says the Jamaica Bankers Association (JBA). “Though no formal research has been undertaken by the JBA to ascertain the cost implications for its members… – Continue reading

Cayman included on FCA high-risk list

The Cayman Islands, an important international business competitor for Bermuda, is expressing “consternation” that they have been included on a new list of high risk jurisdictions for financial crime. There are a total of 95 countries listed including Brazil, Afghanistan, Cuba, Russia, China, Iraq, the Republic of Congo and Jamaica…. – Continue reading