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Cabinet gave approval for the Double Taxation Agreement between the United Arab Emirates (UAE) and Jamaica.
The agreement will eliminate double taxation with respect to taxes on income and the prevention of tax evasion and avoidance.
Minister of Education, Youth and Information, Hon. Fayval Williams, made the disclosure on Wednesday (May 19), during the post-Cabinet press briefing at Jamaica House in St. Andrew.
She said the general objectives of the bilateral tax agreement are to provide full protection of taxpayers against double taxation and to allow for the free flow of international trade or cross-border transactions and investment as well as the transfer of technology.
She noted that it will prevent discrimination between taxpayers in the international field and provide a reasonable element of legal and fiscal certainty as a framework within which international operations could be pursued.
She noted, too, that the agreement fosters cooperation between the tax authorities in the UAE and Jamaica, thus enabling them to execute their duties more effectively.