Ian Wood, an Advance Pricing Agreement (APA) expert affiliated to the Organisation for Economic Co-operation and Development (OECD), is in the island for a four day technical visit from December 6 – 9, 2016.
Mr. Wood, a British national, is a retired member of Her Majesty’s Revenue and Customs (HMRC) and is widely regarded as a leading specialist in the APA aspect of the Transfer Pricing mechanism. In 2000, he became the United Kingdom’s first APA Co-ordinator, spearheading that country’s implementation and leading the UK delegation on bilateral APA negotiations with Treaty Partners.
This visit forms part of an on-going collaboration with the OECD which began last year with the training and sensitisation of Tax Administration staff who will be administering Transfer Pricing. This technical support is expected to continue through to full implementation.
The Transfer Pricing provisions being introduced by Jamaica are in keeping with best practices adopted by several tax administrations worldwide and are based on international standards and OECD rules.