Government of Jamaica
The Restructuring of Public Sector Compensation
Kingston, Jamaica: Friday, October 21, 2022
Minister of Finance and the Public Service, Hon. Nigel Clarke, DPhil., MP and Ambassador of the United Arab Emirates to Jamaica, His Excellency Bader Abdullah Saeed Almatrooshi signed the Double Taxation Agreement (DTA) between the Government of the United Arab Emirates (UAE) and the Government of Jamaica for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income. The signing took place during a short ceremony at the Ministry of Foreign Affairs and Foreign Trade in Kingston on Thursday, October 20, 2022.
The objectives of DTAs are to provide full protection to taxpayers against double taxation and to allow for the free flow of international trade or cross-border transactions and investments, as well as the transfer of technology. The perceived benefits include the clarification of taxing rights of each state, avoidance of double international juridical taxation and the prevention of fiscal evasion with anti-avoidance provisions.
During the event, Minister Clarke said, “We have a lot to learn from the United Arab Emirates and we hope that the signing of this agreement will be a signal to investors in Jamaica and investors in the United Arab Emirates that the vision we have for a shared future between the UAE and Jamaica is one of friendship and prosperity, trade, economic relations and investment”.
Senator Kamina Johnson Smith, Minister of Foreign Affairs and Foreign Trade noted that bringing this agreement to fruition has been the result of deep interest, close dialogue and coordination.
She also stated that “This agreement provides a backdrop to and a snapshot for the future of business and investment relations that we aim to foster between both countries. The prevention or elimination of internal double taxation in respect of the same income, exchange of goods and services and the movement of capital and persons constitutes a significant component in our bilateral investment outlook”.
His Excellency Bader Abdullah Saeed Almatrooshi, Ambassador of the United Arab Emirates to the Republic of Cuba and non-resident Ambassador to Jamaica thanked Jamaica for their support, stating that this signing is a very important agreement between the two countries and that with this agreement the possibilities are endless.
Jamaica currently has DTAs with 15 other countries: Canada, China, Denmark, France, Germany, Israel, Italy, Japan, Mexico, Norway, Spain, Sweden, Switzerland, United Kingdom and the USA. Jamaica is also a party to the CARICOM Multilateral Agreement and has Tax Information and Exchange Agreements (TIEAs) with most of the Nordic countries such as Denmark, Norway, Faroe Islands, Finland, Greenland and Iceland. There are also TIEAs with Brazil and Macau.
For further information contact:
Corporate Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-4656/4660/4655
The Hon. Nigel Clarke, D.Phil., MP
Minister of Finance and the Public Service
30 National Heroes Circle, Kingston 4
Tel: (876) 932-4656 / 4660 / 4655
We are on social media
Officers of the Revenue Protection Department (RPD), with assistance from the MajorOrganised Crime and Anti-Corruption Agency (MOCA), last week, arrested and charged Rhemalee Wint-Lewis, Tax Auditor of the Tax Administration Jamaica (TAJ) for breaches of the Corruption Prevention Act.
Minister of Finance and the Public Service, Dr. the Hon. Nigel Clarke has announced that it is no longer necessary for the Government of Jamaica to provide support for the salaries of SSL staff members; an insurance claim made by the Temporary Manager of SSL in April of this year, to SSL’s insurers in England, has now been settled. SSL received the insurance payout of US$1 million on Thursday, September 7th, enabling SSL to settle the remainder of their August staff salary bill last week Monday, September 11.
Standard and Poor’s Global Ratings, today, September 13, 2023, upgraded the Government of Jamaica’s Long-Term Foreign and Local Currency Issuer Default Rating (IDR) from ‘B+’ to ‘BB-’ with a stable
The Financial Investigations Division (“FID”), is using the proceeds of assets confiscated under Jamaica’s proceeds of crime legislation to fund the extraordinary expenses it incurs in the SSL fraud investigation. These funds do not constitute tax revenue. These funds arise from the FID’s work in identifying, restraining, forfeiting and monetising the proceeds of crime. That is, these funds arise from the confiscation of ill-gotten gains.