News

House expected to pass major money Bills tomorrow

Published

on

House expected to pass major money Bills tomorrow

BY BALFORD HENRY
Senior staff reporter
balfordh@jamaicaobserver.com

Monday, November 09, 2020

Print this page
Email A Friend!


‘);
} else {
$(“.fotorama-caption”).addClass(“remove_caption”);
}
})
.fotorama();

JAMAICA is moving to improve administration of tax revenues and strengthen the governance structure of the country’s central bank, through the passage of two Bills tabled in the House of Representatives by Minister of Finance and the Public Service Dr Nigel Clarke.

The Bills — the Bank of Jamaica (Amendment) Act and the Revenue Administration (Amendment) Act — were tabled last week Tuesday and are expected to be debated in the House of Representatives when it meets again at its temporary Jamaica Conference Centre (JCC) location in downtown Kingston, tomorrow.

The deliberations are likely to mark the first public consultations between Dr Clarke and leader of the People’s National Party (PNP), Mark Golding, who is the Opposition’s spokesman on finance, since his elevation to the leadership of the party on Saturday.

The Bank of Jamaica (BOJ) Amendment Bill, according to Dr Clarke, seeks to amend the current BOJ Act “to make consequential amendments to the Banking Services Act and the Public Bodies Management and Accountability Act, in an effort to strengthen the governance structure of the bank and to provide for the modernisation, in keeping with international best practices”.

It seeks to repeal section five of the principal Act and replace it with the following: “The principal objectives of the bank shall be the maintenance of price stability and financial system stability, with the primary objective being the maintenance of price stability.”

It also proposes the creation of a committee, to be known as the Monetary Policy Committee (MPC), which will have responsibility for formulating the monetary policy of the bank.

The long-awaited Revenue Administration Bill seeks to amend the principal Act, which provides for the administration of Jamaica’s tax regime, including the implementation of international agreements, conventions, and arrangements entered into by Jamaica for the exchange of financial and/or other information for tax purposes.

The Bill seeks to implement the Convention on Mutual Administrative Assistance in Tax Matters, the latest international convention signed by Jamaica, to improve international tax compliance by enabling the exchange of financial and other information among State parties to the convention and, the Standard for Automatic Exchange of Financial Accounts Information in Tax Matters developed by the Organisation for Economic Co-operation and Development (OECD) to create a single platform for the administration of the automatic exchange of tax information under the convention.

Member states of the Council of Europe and the Organisation for Economic Co-operation and Development are signatories of this convention, which affects issues such as: the development of international movement of people, capital, goods, and services, and, at the same time, the increased possibilities of tax avoidance and evasion, which require increased co-operation among tax authorities.

It aims at a coordinated effort between states, in order to foster all forms of administrative assistance in matters concerning taxes of any kind, whilst at the same time ensuring adequate protection of the rights of taxpayers.

It also suggests that a new cooperative environment has emerged, which is desirable. So, a multilateral instrument would be made available to allow the widest number of states to obtain the benefits of the new cooperative environment and, at the same time, implement the highest international standards of cooperation in the tax field.

Now you can read the Jamaica Observer ePaper anytime, anywhere. The Jamaica Observer ePaper is available to you at home or at work, and is the same edition as the printed copy available at http://bit.ly/epaper-login

Source link

قالب وردپرس

News

Over 30 sanctioned for not wearing masks in Mandeville

Published

on

By



























Over 30 sanctioned for not wearing masks in Mandeville





























































Copyright © 2020 Jamaica Observer. All Rights Reserved.

Terms under which this service is provided to you.
















Source link

قالب وردپرس

Continue Reading

News

1.5m health-care workers in Latin America, Caribbean fully vaccinated

Published

on

By



























1.5m health-care workers in Latin America, Caribbean fully vaccinated





























































Copyright © 2020 Jamaica Observer. All Rights Reserved.

Terms under which this service is provided to you.
















Source link

قالب وردپرس

Continue Reading

News

Ministry points to danger of vaccine hesitancy among high-risk groups

Published

on

By



























Ministry points to danger of vaccine hesitancy among high-risk groups





























































Copyright © 2020 Jamaica Observer. All Rights Reserved.

Terms under which this service is provided to you.
















Source link

قالب وردپرس

Continue Reading

News

Jamaicans head list of Caribbean people heading to Canada

Published

on

By



























Jamaicans head list of Caribbean people heading to Canada





























































Copyright © 2020 Jamaica Observer. All Rights Reserved.

Terms under which this service is provided to you.
















Source link

قالب وردپرس

Continue Reading

News

Penal partnership

Published

on

By



























Penal partnership





























































Copyright © 2020 Jamaica Observer. All Rights Reserved.

Terms under which this service is provided to you.
















Source link

قالب وردپرس

Continue Reading

popcaan