The Board of Directors of Scotia Group Jamaica passed a resolution that an interim dividend of 40.0 cents per each stock unit to stockholders on record as at the close of business on June 20, 2014 and that the same be payable on July 11, 2014. The ex-dividend date is June 18, 2014.

This serves to advise that the Board of Directors of Mayberry Investments Limited (MIL) approved an ordinary dividend of $0.12. The dividend will be made payable on June 18, 2014 to shareholders on record as at June 11, 2014. The ex-dividend date is June 9, 2014.

What is FATCA?

The Foreign Account Tax Compliance Act (FATCA) is a statute of the United States of America (US), geared at combatting tax evasion by US persons who utilize such means as holding investments in offshore accounts and or entities. In order to lessen the some of the requirements of FATCA, the Government of Jamaica entered into an Inter-Governmental Agreement (IGA) with the US Government.

Purpose

FATCA requires all non-US financial institutions [foreign financial institutions(FFIs)] around the world to:

- each enter into an agreement with the US Internal Revenue Service (IRS),

- collect certain information on all new and existing accounts they hold for their customers

- report  information to the IRS in relation to:

• certain Specified US persons
• Passive Non-Financial Foreign Entities with Controlling Persons who are U.S. persons and
• Non-Participating FFIs (which are foreign financial institutions that have not entered into an FFI agreement with the US Internal Revenue Service and therefore refuses to comply with the requirements of the FATCA legislation).

       
Who will be affected?

In addition to foreign financial institutions, specified US persons will be affected. This includes:

-U.S. Citizens residing in the US or overseas
-Green card holders
-U.S. Passport holders
-U.S. “Tax residents”, which are persons who have stayed in the US for several consecutive days during the past three years. To meet this test, one must
be physically present in the United States on at least:
    1. 31 days during the current year, and
    2. 183 days during the 3-year period that includes the current year and the 2 years immediately before that, counting:
   
- All the days you were present in the current year, and
- 1/3 of the days you were present in the first year before the current year, and
- 1/6 of the days you were present in the second year before the current year.

 

Information to be provided to Tax Administration Jamaica (TAJ)

The Inter-Governmental Agreement between Jamaica and the US, provides for Jamaican FIs to transmit the required information to Tax Administration Jamaica (TAJ) which will in turn submit the information received to the US Internal Revenue Service.

Information to be reported to the TAJ includes:

• Name, address, and US tax identification number of each Specified US Person/Recalcitrant Customer;
• Account number;
• Account balance/value as at the end of the calendar year or immediately before closure if the account was closed during the calendar year,
• Gross interest/dividends, and interest and other income credited to the account.

Talk to us today or visit the Internal Revenue Services website at www.irs.gov for more information. You may also read more here.

We continue to enjoy an exceptional relationship with you and thank you for selecting NCB and its subsidiaries as your financial services partner of choice. We hope that together, we can help you to Put Your Best Life Forward.

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• Individual
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Kingston Wharves Limited - To invest US$20Mn Kingston Wharves Limited continued to execute on its goal to expand its business, with the purview of becoming the leading full service port. In the latest move, KW has indicated that it will be investing US$2Mn to expand and augment its properties and assets in preparation of operating a free zone as part of the government’s logistic hub. This development comes only two months after KWL announced acquisition of the stevedoring business of Allied Trucking & Maritime Services Limited. KW expects to purchase and refurbish existing warehouses, construction of a new warehouse complex and purchase off additional cargo-handling equipment.

Carreras Limited - Dividend declaration The Board of Directors at Carreras Limited will consider a dividend declaration at a meeting to be held on May 28, 2014.

Proven Investments Limited Right's Issue closed on Friday, May 16, 2014 and the Offer was fully subscribed.

Dolphin Cove Limited (DCove) has advised that at a Directors meeting scheduled for Monday May 26, 2014 they will consider a dividend payment.

Scotia Group Jamaica Limited (SGJ) has advised that a dividend payment will be considered at a BOD meeting on May 30, 2014

The Board of Directors of Jamaica Money Market Brokers Limited will consider an ordinary dividend at a meeting to be held on Thursday, May 29, 2014.

The Board of Directors of Mayberry Investments Limited will consider a dividend payment at a meeting to be held on Wednesday, May 28, 2014.