The parties to tax talks between Jamaica and Spain, and representatives of the Finance Ministry in discussion, from left, Carolina del Campo, deputy director general for non- residents taxation and head of the Spanish delegation; Ignacio Sanchez-Taboada, Charg? d'Affaires, Embassy of Spain; Vinette Keene, director general, tax administration and head of the Jamaican delegation; Minister of Finance and Planning, Dr. Omar Davies, and Financial Secretary Colin Bullock, ahead of the talks which opened March 5.

Jamaica and Spain had the first round of talks in Kingston, March 5-9, on a new double taxation treaty between the two countries.

Those talks follow the expansion of Spanish businesses to Jamaica, particularly in the hotel sector, marked by significant inflows of foreign direct investments, amounting to hundreds of millions.

The tax negotiations, led on the Jamaican side by Director General for Tax Administration Vinette Keene and by Carolina del Campo, the deputy director general for non-residents taxation for Spain, ended in the signing of a memorandum of understanding covering the 'Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income'.

Important instrument

"The Agreement will serve as an important instrument to encourage further investments, promote cultural exchanges and generate the free flow of technology between both countries," said the Tax Administration Services Department in a release on the five day talks.

The Kingston dialogue was just the first round, the agency said.

"It is expected that an agreement will be reached later this year."