Tax Information Exchange Agreements (TIEAs)

Tax Information Exchange Agreements (TIEAs) provide for the exchange of information on tax matters. Jamaica has concluded TIEAs with various countries, including Antigua and Barbuda, Belize, Denmark, Dominica, Faroe Island, Finland, Greenland, Iceland, St. Vincent and the Grenadines, and South Africa.

Exchange of Cross-Border Tax Rulings

Jamaica has agreed to exchange tax rulings with eligible jurisdictions from 1 April 2017 in implementation of BEPS Action 5. A specific ruling can be exchanged with a relevant jurisdiction if it is international in nature and affects the relevant jurisdiction. The exchange is possible if there is an agreement between Jamaica and the relevant jurisdiction providing for the spontaneous exchange of tax information. The agreement can be a tax information exchange agreement (TIEA), a tax treaty, or the OECD Multilateral Convention on Mutual Administrative Assistance in Tax Matters. Exchange is also required for “historical” rulings granted between 1 January 2012 and 31 March 2017.

Financial Account Information Reporting and Exchange

Jamaica acceded to the OECD Mutual Assistance Convention as amended and the convention entered into force for Jamaica on 1 March 2019. Effective September 2022, Jamaica has signed the Common Reporting Standard (CRS) Multilateral Competent Authority Agreement and adopted measures to implement the automatic exchange of financial account information in accordance with the global standard for exchange of information developed by the OECD under the CRS.

Further, Jamaica concluded an Intergovernmental Agreement (IGA) with the United States on 30 June 2014 to improve international tax compliance and to implement the U.S. Foreign Account Tax Compliance Act (FATCA).

Ultimate Beneficial Ownership Disclosure

Resident companies registered in Jamaica and non-resident companies having a place of business in Jamaica are required to disclose information regarding their ultimate beneficial owners to the registrar.

A beneficial owner is a natural person who ultimately owns or controls, directly or indirectly, a company or other legal entity, or a natural person on whose behalf a company or legal entity carries out its business activities and includes an individual who or on whose behalf the shares are held in a company, or who controls more than 51% of the voting power or holds over 51% of the issued shares of the company.

Newly incorporated companies are required to file the information regarding beneficial owners immediately upon registration. Non-resident companies having a place of business in Jamaica are required to report any change in beneficial ownership within 28 days of such change.

Companies are required to maintain records and documents for a minimum period of 7 years or for such time period as prescribed by the registrar. Failure to comply with the requirements attracts a fine of not exceeding JMD 500,000.

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