May 2010 Financial News

Jamaica pushes plan to be financial centre

May 21, 2010

Jamaica is pressing ahead with its vision to become a centre for international financial services.

Minister of Industry, Investment and Commerce Karl Samuda says that a draft bill to establish a statutory body for the development and promotion of the country in that way has been referred to the Attorney-General for legal opinion.

He said it was hoped that the Bill would be passed during the first quarter of the 2010/11 fiscal year.

Samuda also indicated that an evaluation of Jamaica's ability to position itself competitively in this industry and to identify Jamaica's possible product offerings or options for a local International Financial Services Centre (IFSC) is also underway.

"A comprehensive preliminary report has already been submitted and is being reviewed by a committee, established to oversee the implementation of Jamaica's international financial services centre," he said.

Samuda also revealed that work will be undertaken to review the double taxation treaties. This will be done to determine their relevance in the current environment, and whether they need to be renegotiated to support the attractiveness and development of the IFSC, he said.

He said that the government has identified the financial services sector as a priority area for development in this fiscal year.


Source:
Jamaica Observer
Friday, May 21, 2010

http://www.jamaicaobserver.com/business/Jamaica-pushes-plan-to-be-financial-centre_7630118