Jamaica News, January 28, 201
Kingston, Jamaica (Mckoy’s News) – Double Taxation Agreement: In an effort to strengthen the trade and investment relationship between the Jamaican and Italian Governments, both countries have signed an agreement that will result in the removal of double taxation with regards to taxes on salary and will also address tax evasion and avoidance.
The signing took place at the Ministry of Finance at Heroes Circle in Kingston.
According to Finance Minister, Audley Shaw, the contract will immensely profit Italian investors such as ‘Gruppo Campari’, a major competitor in the international spirits industry.
Shaw also highlighted that the said company has been making a valuable contribution to the island’s economic growth and development, through its high employment of Jamaicans.
“On behalf of the Government of Jamaica, I confirm our commitment to meeting international standards for transparency in tax matters, in light of the vast opportunities for investment and trade, which may be realised within a proper, transparent and legal framework,” Shaw expressed.
The minister also pointed out that considering the great interest shown by Italy in Jamaica’s specialty products, namely coffee, rum and spirits, business interests should utilize this opportunity to encourage Italian buyers to increase demand while perusing commercial interest in other branded products such as spices and niche items.
Double Taxation Agreement: Double taxation is the levying of the tax by two or more jurisdictions on the same declared income asset or financial transaction.
The minister emphasized that “this is about transparency and having everything above the board; so there is no misunderstanding.
As such, the agreement beckons that the Italian government recognizes the payment of taxes in Jamaica, as a determinant of what is expected to be paid by Italian companies that operate locally, to their native country.
Double Taxation Agreement: Ambassador of the Republic of Italy to Jamaica, Armando Varracchio said,“This agreement will certainly provide the fiscal conditions for sound investment and trade and those things help us promote capital inflow and expand foreign trade in our respective countries.”
He expects that more Italian enterprises, inclusive of those within the tourism sector, will follow in the footsteps of the Campari Group and perceive Jamaica as a regional hub for their brands.
Contributed by Kamoy Green
Photo: Adrian Walker (JIS)
Minister of Finance and the Public Service, Hon. Audley Shaw (left), prepares to sign the Double Taxation Agreement for the elimination of double taxation between Jamaica and Italy at the Ministry’s offices in Kingston on Friday (January 19). Ambassador of the Republic of Italy to Jamaica, His Excellency Armando Varracchio (right), affixes his signature.