Jamaican Minister of Finance, Audley Shaw, in an address to Parliament promised that Jamaica would operate transparently in order to not earn a reputation as a ‘tax haven’, when the proposed International Financial Centre (IFC) is established in downtown Kingston.
In his address, Shaw said:
"Contrary to the concept of a tax haven, the IFC has been conceptualised to operate in a profoundly different manner [to that of a ‘tax haven’], owing to its fundamentally different nature and character. That is, the centre will serve as an outlet facilitating offshore offices and services, in addition to the outsourcing of different aspects of financial services," he stated.
The Finance Minister underlined in particular the success of many International Finance Centres in neighbouring Caribbean territories and noted that Jamaica should capitalise on the same opportunities but focus from a different angle, capitalising on skilled staff resident in Jamaica, and seek to identify niches within the market.
Shaw noted in particular Jamaica’s “large cadre of professionals in the fields of accounting, law, banking and finance; the high-ranking quality of transportation infrastructure especially Jamaican airports, seaports, and its telecommunication capabilities; a stable democracy; proximity to the world's largest market, (and) availability of training facilities for professionals in the financial industry."
USD100m has already been earmarked in the budget for the establishment of the IFC, and a statutory company has been appointed to oversee its development. The next step, Shaw said, is the drafting of appropriate legislation, including amendments to the Urban Renewal Act, and the refinement of the list of products and services that are to be offered.
A bill to amend Jamaica’s Betting, Gaming and Lotteries Act is currently under consideration to allow the Betting, Gaming and Lotteries Commission to more effectively oversee the industry ahead of the IFC, and protect stakeholders and consumers.
The bill states that “the measures [will] bolster the betting and gaming industry, by enabling licensees to respond rapidly and effectively to technological and consumer-led developments, which will enhance the contribution of the industry to the Jamaican economy, while protecting the interests of the public.”
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