Jamaica is set to benefit from overseas technical assistance on Transfer Pricing. Consultants from the Organisation for Economic Co-operation and Development (OECD) and the World Bank will be in the island January 18 – 22, 2016. During the week-long visit, technical training will be held for staff of Tax Administration Jamaica (TAJ) and stakeholder engagements accommodated. The visit coincides with the recent introduction of Transfer Pricing provisions, aimed at strengthening and clarifying provisions of the Income Tax Act relating to taxpayers engaged in transactions with related parties.
Technical training will be held for a core group of staff selected from the technical, operations and legal areas of Tax Administration Jamaica, as well as the Tax Policy and Revenue Appeals Divisions of the Ministry of Finance. The training is aimed at building the capacity of Jamaica to address Transfer Pricing issues. This round of training is a continuation of the training programme which began on a prior technical mission held in June 2015.
In addition to the staff training, sensitisation sessions are scheduled for private sector interests in Kingston and in Montego Bay. Further, during the visit, TAJ in partnership with the consultants will be meeting with the Private Sector Organisation of Jamaica (PSOJ) and the Tax Committee of the Institute of Chartered Accountants of Jamaica (ICAJ) to discuss matters relating to Transfer Pricing.
Diego Gonzalez of OECD and Ana Cabreiro of the World Bank will be leading the sessions during the 5-day visit. Mr. Gonzalez is a Tax Adviser with the OECD, on international transfer pricing. He has transfer pricing experience in several Latin American countries. Ms. Cabreiro is a senior Economist, at the World Bank and is the Programme Coordinator for Business Taxation in Latin America and the Caribbean. She recently joined the Transfer Pricing technical assistance programme, on behalf of the World Bank.
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.
In the coming weeks more information on transfer pricing will be made available to the public via the TAJ website www.jamaicatax.gov.jm, the media and at additional stakeholder sessions.