[ad_1]
The government and the United Arab Emirates (UAE) have signed a Double Taxation Agreement to avoid double taxation and prevent tax evasion from taxation of income.
The signing ceremony took place on Thursday at the Department of Foreign Affairs and Foreign Trade in downtown Kingston.
The agreement was signed by Dr Nigel Clarke, Minister of Finance and Human Services, and His Excellency Bader Abdullah Saeed Almatrooshi, UAE Ambassador to Jamaica.
“We hope the signing of this agreement will send a signal to investors in Jamaica and the United Arab Emirates that our vision for a shared future between the UAE and Jamaica is friendship and prosperity, trade, economic relations and investment,” Clark said. Say.
The goal of the agreement is to provide comprehensive protection for taxpayers, avoid double taxation, and allow 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.
Your Excellency the Minister of Foreign Affairs and Foreign Trade, Senator. Kamina Johnson Smith noted that bringing this agreement to fruition was the result of deep concern, close dialogue and coordination.
She also noted that the agreement provides context and a snapshot of the future of business and investment relations “that we aim to foster between the two countries.”
“Preventing or eliminating internal double taxation of the same income, exchanges of goods and services, and movement of capital and people is an important part of our bilateral investment outlook,” Johnson-Smith said.
The Ambassador expressed his gratitude to Jamaica for its support and believed that this signing is a very important agreement between the two countries, and with this agreement, the possibilities are endless.
Jamaica currently has double taxation agreements with 15 other countries – Canada, China, Denmark, France, Germany, Israel, Italy, Japan, Mexico, Norway, Spain, Sweden, Switzerland, the United Kingdom and the United States.
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.
– JIS News
Follow Gleaner on Twitter and Instagram @JamaicaGleaner and Facebook @GleanerJamaica.Message us on WhatsApp at 1-876-499-0169 or email us at Feedback online@gleanerjm.com or Edit @gleanerjm.com.
[ad_2]
Source link
