JIS News

Cabinet has given approval for the execution of the World Free Zones Organization (WFZO) Agreement between the WFZO and the Jamaica Special Economic Zone Authority (JSEZA), for the Authority’s hosting of the 8th Annual International Conference and Exhibition (AICE).

The conference and exhibition is scheduled to be held June 7 to 10, 2022 in Montego Bay, Jamaica.

Addressing the virtual Post Cabinet press briefing on Wednesday (November 10), Education, Youth and Information Minister, Hon. Fayval Williams who made the disclosure, said it is within the mandate of the JSEZA to host the annual event.

“The expected positive economic effects from the hosting of the event includes increased investment and tourism interest for Jamaica,” she pointed out.

The AICE will be a five-day event consisting of a Board of Directors meeting, general assembly, workshops and training.

Minister Williams assured that all requisite safety protocols, as outlined by the Ministry of Health and Wellness, will be implemented to ensure the safety of all participants.

Cabinet also gave approval for amendments to the Special Economic Zones Act to explicitly insert the general substance requirements with respect to core income – generating activities for geographically mobile activities that operate, or may operate, in a special economic zone.

“This is for compliance with international minimum standards for countering harmful tax practices, as espoused by the Forum on Harmful Tax Practices of the Organisation for Economic Co-operation and Development,” she said.

Cabinet also gave approval for amendments to the First Schedule of the Special Economic Zones Act and the Income Tax Act to correct errors which would clarify the operation of the tax incentives in the special economic zone regime and their application to developers and occupants under the Special Economic Zones Act, as well as approval for the issuance of drafting instructions to the Chief Parliamentary Council.

Amendments to the Special Economic Zones Act will facilitate Jamaica’s compliance with international obligations to implement Action Five of the BEPS Minimum Standards and other matters.

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