Vaz outlines legislation to support growth agenda

A key component of the Government’s growth agenda is the implementation of the relevant legislative framework to support local and international investments.

This is according to Minister without Portfolio in the Ministry of Economic Growth and Job Creation, Hon. Daryl Vaz, who said legislation being advanced to enable investments include the International Business Companies (IBC) Bill, International Corporate and Trust Providers Act 2017, the Partnership (General) Act, 2017 and the Partnership (Limited) Act, 2017.

He was addressing the recent staging of the Jamaica Investment Forum (JIF) in Montego Bay, St. James, hosted by Jamaica Promotions Corporation (JAMPRO), under the theme ‘Connect for Business’.

Mr. Vaz said the IBC Bill, tabled in February, is expected to be passed shortly. “With passage of the IBC Act, Jamaica is expected to attract significant international business, thereby increasing foreign exchange earnings and creating numerous high-value employment opportunities for local professionals,” the Minister noted.

The IBC Bill seeks to modernise Jamaica’s appeal as an investment market for international interests and is a key component in a suite of legislation required to support international business and financial activities in Jamaica.

It follows on the Partnership Bills for General and Limited Partnerships, which together will enable a wide range of “sophisticated international business transactions” the Minister said.

The International Corporate and Trust Providers Act, 2017, meanwhile, establishes a regulatory regime for the licensing and conduct of international corporate and trust services providers who will perform duties on behalf of international entities and trusts set up in Jamaica.

Mr. Vaz said the Government is working to finalise the relevant regulations and determine a competitive tax regime to attract potential investors.