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From left to right, Minister of Finance Dr Nigel Clark, Minister of Foreign Affairs Senator Kamina Johnson-Smith, Ambassador of the United Arab Emirates to the Republic of Cuba, Ambassador of the United Arab Emirates to the Republic of Cuba Badr Abdullah Saeed · H.E. Almatrohi The UAE and Jamaica signed the Double Taxation Agreement on Thursday, 20 October 2022.
KINGSTON, Jamaica – Dr Nigel Clarke, Minister of Finance, and Bader Abdullah Saeed Almatrooshi, Ambassador of the United Arab Emirates (UAE) to Jamaica, signed the Double Taxation Agreement (DTA) to avoid double taxation and prevent tax evasion on income.
The signing ceremony took place in a brief ceremony at the Department of Foreign Affairs and Foreign Trade in Kingston on Thursday, October 20, 2022.
The goal of the DTA is to provide taxpayers with comprehensive protection against double taxation and to allow for the free flow of international trade or cross-border transactions and investments, as well as technology transfers. Expected benefits include clarifying each country’s tax rights, avoiding double international taxation and preventing tax evasion through anti-avoidance provisions.
During the event, Minister Clark said: “We have a lot to learn from the United Arab Emirates and we hope the signing of this agreement will send a signal to investors in Jamaica and the United Arab Emirates that our vision is for the UAE and Jamaica Our common future is friendship and prosperity, trade, economic relations and investment.”
Senator Kamina Johnson-Smith, Minister of Foreign Affairs and Foreign Trade, noted that bringing the agreement to fruition was the result of deep concern, close dialogue and coordination.
“This agreement provides context and a snapshot of the future of our business and investment relations aimed at promoting the two countries. Preventing or eliminating internal double taxation on the exchange of the same income, goods and services, and the movement of capital and people is our bilateral investment outlook. an important part of that,” Johnson-Smith said.
Almatrooshi thanked Jamaica for its support, saying that this signing is a very important agreement between the two countries, and 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, the United Kingdom and the United States of America.
Jamaica is also a party to the CARICOM multilateral agreement and has a Tax Information and Exchange Agreement (TIEA) with most of the Nordic countries including Denmark, Norway, the Faroe Islands, Finland, Greenland and Iceland. There are also TIEAs with Brazil and Macau.
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