CLIVE NICHOLAS, director-general, Tax Administration said that there are plans to upgrade the tax system to make Jamaica more encouraging to foreign investors.
Mr. Nicholas was addressing members of the Consular Corps of Jamaica at their monthly meeting at the Jamaica Pegasus Hotel recently. Mr. Nicholas was speaking on the topic 'Taxation as it relates to Investors, Importers and Exporters'.
He said that between 1998 and 2001 Jamaica's Foreign Direct Investments was broadly in line with selected CARICOM countries and better than Central American countries. Mr. Nicholas, however, said; "We still need to be more competitive so that we can improve our performance."
Mr. Nicholas said that there are a number of factors that concern investors and taxation is one of them. "In the circumstances, it is more important that we ensure that the tax system in Jamaica is one which will seek to encourage investments into the island," he said.
UPGRADE TO COME
He noted that it has been 18 years since the Jamaican Tax Policy has been overhauled and the team that did the work is back to upgrade the system. According to a World Bank report entitled 'Doing Business in 2004' Jamaica is listed in the top 10 countries in which it is easy to conduct business.
Mr. Nicholas also told the gathering that Jamaicans should look outside the island to increase markets for goods and services.
"World trade is what will determine the type of world we live in, in the years to come. For those of us who live in a small island with 2.7m persons it is important that we look outside of the country if we hope to increase our markets for sale of goods and services," said Mr. Nicholas.
