International Financial Services Centre Bill Drafted

Minister of Industry, Investment and Commerce, Hon. Karl Samuda, says that a draft bill to establish a statutory body for the development and promotion of Jamaica as a centre for international financial services has been referred to the Attorney-General for legal opinion.
The Minister, who was opening the 2010/11 Sectoral Debate in Gordon House on May 11, said it is hoped that the bill will be passed during the first quarter of the 2010/11 fiscal year.
He also noted that an evaluation of Jamaica’s ability to position itself competitively in this industry and to identify Jamaica’s possible product offerings/options for a local International Financial Services Centre (IFSC) is currently 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.
Mr. Samuda also stated 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 that the Government has identified the financial services sector as a priority area for development in this fiscal year.