Transfer Pricing expert on week-long official visit
Jamaica is continuing to receive overseas technical assistance on Transfer Pricing. Ian Wood, an Advance Pricing Agreement (APA) expert affiliated to the Organisation for Economic Co-operation and Development (OECD), is currently in the island for a five day official visit from April 11 to the 15, 2016.
This visit forms part of an on-going collaboration with the OECD which began last year with the training and sensitisation of Tax Administration Jamaica (TAJ) staff, who will be administering Transfer Pricing. This technical support is expected to continue through to full implementation.
Wood, a British national, is a retired member of Her Majesty’s Revenue and Customs (HMRC) and is widely regarded as a leading specialist in the APA aspect of the Transfer Pricing mechanism. In 2000, he became the United Kingdom’s first APA Co-ordinator, spearheading that country’s implementation and leading the UK delegation on bilateral APA negotiations with Treaty Partners.
While in Jamaica, Wood is expected to participate in several high-level meetings with the Audley Shaw, Minister of Finance & the Public Service, other officials of the Ministry, and with key stakeholders including the Private Sector Organisation of Jamaica (PSOJ), Jamaica Hotel & Tourist Association (JHTA), Institute of Chartered Accountants (ICAJ) Tax Committee and Tax Administration Jamaica.
The Transfer Pricing provisions being introduced by Jamaica are in keeping with best practice adopted by several tax administrations worldwide and are based on international standards and OECD rules.