Jamaica and UAE Sign Double Taxation Agreement

• The Jamaican Government and the United Arab Emirates (UAE) have signed a Double Taxation Agreement (DTA) to avoid double taxation and prevent fiscal evasion concerning income taxes. 
• The objectives of DTAs are to provide complete protection to taxpayers against double taxation and to allow for the free flow of international trade or cross-border transactions and investments, as well as the transfer of technology.
• The perceived benefits include clarifying each state's taxing rights, avoiding double international juridical taxation, and preventing fiscal evasion with anti-avoidance provisions.
• Minister of Foreign Affairs and Foreign Trade, Senator the Hon. Kamina Johnson Smith noted that bringing this agreement to fruition has resulted from deep interest, and the agreement provides a backdrop to the future of business and investment relations that the government aims to foster between both countries.
• Additionally, she highlighted that the prevention or elimination of internal double taxation in respect of the same income, exchange of goods and services, and the movement of capital and persons constitute a significant component in Jamaica’s bilateral investment outlook.

(Sources: JIS and NCBCM Research)