Jamaica will again benefit from the expertise of two Transfer Pricing specialists who will be in the island for a week-long visit. Consultants from the Organisation for Economic Co-operation and Development (OECD) and the World Bank will be in Jamaica from Monday September 12, 2016 to Friday September 16, 2016. During the visit, high-level meetings as well as Technical Training will be held.
This is the third in a series of Transfer Pricing Workshops to be conducted in Jamaica, the first was held in June last year and another in January of this year. The workshops form part of a partnership with the OECD and World Bank to provide technical assistance in specialised areas of taxation. The two-year ‘up-skilling’ programme is for local tax administrators who will be responsible for the implementation of the Transfer Pricing Provisions, aimed at strengthening and clarifying provisions of the Income Tax Act concerning taxpayers engaged in transactions with related parties.
The training is being held for a core group of staff selected from the technical, operations and legal areas of Tax Administration Jamaica (TAJ), as well as the Tax Policy and Revenue Appeals Divisions of the Ministry of Finance & the Public Service (MoFPS).
Diego Gonzalez of the OECD and Dr. Cristian Lucas of the World Bank will be leading the sessions. Mr. Gonzalez is a Tax Adviser with the OECD on international transfer pricing and has extensive transfer pricing experience in several Latin American countries. Dr. Lucas is a Senior Tax Specialist at the World Bank Group. In that capacity, he helps developing countries diagnose, design and implement international tax priorities. Dr. Lucas is specialized in negotiation, wealth management, business consultancy and international tax planning. He has also published in the field on international taxation.
The transfer pricing provisions being introduced by Jamaica are in keeping with best practice adopted by several tax administrations worldwide and are based on international standards and OECD rules.