KINGSTON — Cabinet has approved a Tax Information Exchange Agreement between Jamaica and Macao, China. This agreement will strengthen administrative cooperation on taxes between both parties and improve the capacity to monitor taxpayers and the appropriate revenue owed to each jurisdiction.
Briefing journalists at the November 23 post cabinet press briefing at Jamaica House, Minister with responsibility for Information, Senator Arthur Williams said the agreement will also facilitate the effective exchange of tax information between Jamaican tax authorities and their counterparts in Macao, China.
Minister Williams explained that the Tax Information Exchange Agreement is regarded by the Global Forum on Transparency and Exchange of Information for Tax Purposes as one that facilitates effective exchange of information for tax purposes.
Macao is a special Administrative Region of the People's Republic of China authorized to enter into such agreements with other countries. It is one of two international free ports in China and is a vital link between China and the global markets. The country depends mainly on export trade and also has a growing services economy.