Finance Minister wants non-adversarial approach to Transfer Pricing Implementation
l-r: The Hon. Audley Shaw, CD, MP, Minister of Finance and the Public Service; Ainsley Powell Commissioner General-TAJ; Bevon Sinclair, Technical Specialist- TAJ; Ian Wood, APA expert
Ian Wood, an Advance Pricing Agreement (APA) expert affiliated to the Organisation for Economic Co-operation and Development (OECD), meets with Finance Minister, Hon. Audley Shaw and his technical teams from Tax Administration of Jamaica and the Taxation Policy Division (MoFPS) earlier this week at the Ministry. The discussions centred around possible bi-lateral agreements with agencies of government, and the application of a co-operative approach to the implementation of Transfer Pricing Provision.
Minister Shaw advised the meeting that his intent was to ensure that the implementation of Transfer Pricing Rules was to be "aligned with international best practice and should build a comfort level with the business sector." He added that the implementation should not be adversarial and should level the playing field. In this context, Minister Shaw said the development of mutually acceptable Advance Pricing agreements (APAs) should be encouraged.