KINGSTON, Jamaica - Finance Minister Dr Nigel Clarke, and Ambassador of the United Arab Emirates (UAE) to Jamaica, Bader Abdullah Saeed Almatrooshi, signed a Double Taxation Agreement (DTA) 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”.
Minister of Foreign Affairs and Foreign Trade, Senator Kamina Johnson Smith, noted that bringing this agreement to fruition has been the result of deep interest, close dialogue and coordination.
“This agreement provides a backdrop to and a snapshot of 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,” Johnson Smith said.
Almatrooshi 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 United States of America.
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.