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
Transfer Pricing Regime Unnecessary Says Samuda
Karl Samuda, a member of the parliamentary opposition, says he is against legislation that would “prevent a company from using its creativity to maximise its profit position”. The North Central St Andrew MP, who speaks on industry for the opposition, said that it is a bad thing to put in… – 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
Dr Phillips’s Achilles’ heel: that retroactive taxation
This Administration has shown flashes of the kind of thinking that countries need to achieve economic growth. On previous occasions we have, in this space, pointed to some of the policies implemented and have extended due commendations to Mrs Portia Simpson Miller’s team. Just two months ago, we commented on… – Continue reading
US TAX DODGERS BEWARE
Americans who believe the region is a safe tax haven to hide money and investments overseas should think twice as Caribbean trade bloc countries are moving to full comply with a new U.S. law designed to catch tax dodgers who stash assets in foreign destinations. The Foreign Account Tax Compliance… – 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
