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Beyond Borders: Implications of International Tax Reform on Business in Jamaica
Join us on July 27, 2023, at the Jamaica Pegasus Hotel for a groundbreaking seminar on international tax reform. DunnCox has assembled a team of tax and investment laureates to curate an insightful presentation and fireside chat that will explain the changes in the international tax regime and their impending effects on legislation and policy in Jamaica. The session will also shed light on the changes made to the SEZ Act and the practical implications of international tax reform for multinational enterprise, in a manner that has not yet been traversed by any Government agency or private-sector entity in Jamaica.
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The Jamaica Pegasus Hotel
Kingston
Thursday, July 27, 2023 TIME: 9:00 am to 11:30 am
Event Description
The international tax system has undergone reform over the last few years to address challenges arising from globalization and the digitalization of the economy. One of the most significant reforms occurred in 2021 when members of the Organization for Economic Cooperation and Development (OECD) agreed to implement a “two pillar solution”, that imposes:
Pillar 1 a new method to allocate profits to countries where large multi-national companies (MNCs) may have significant business, but limited or no local operations; and
Pillar 2 a global minimum corporate income tax of 15% on the foreign profits of multinational companies.
The United Nations commented on Pillar 2 and noted the “far-reaching implications of the OECD’s proposed 15% minimum tax on foreign profits.” Pillar 2 will likely also impact existing corporate income tax incentives that Jamaica offers to foreign investors.
In addition to the two-pillar solution, Jamaica also has obligations under the OECD’s Forum on Harmful Tax Practices which has caused the Special Economic Zone (SEZ) regime to be placed under a microscope. As a result, the SEZ Act was amended in 2022 to formally introduce new Economic Substance requirements, and restrictions on intellectual property activities by SEZ companies in Jamaica.
Considering these developments, DunnCox has assembled a team of tax and investment laureates to curate an insightful presentation and fireside chat that will explain the changes in the international tax regime and their impending effects on legislation and policy in Jamaica. The session will also shed light on the changes made to the SEZ Act and the practical implications of international tax reform for multinational enterprise, in a manner that has not yet been traversed by any Government agency or private-sector entity in Jamaica.
Please join us for this thought-provoking discussion on international tax reform. Surround yourself with major industry-players, like-minded professionals, and thought-leaders as we dive deep into this crucial topic on July 27, 2023 at the renowned Jamaica Pegasus Hotel.
Don't miss this unique opportunity to gain valuable insights, explore innovative strategies, and be at the forefront of change. Join us at Beyond Borders, where knowledge meets opportunity.
About DunnCox Attorneys-at-Law
DunnCox is a full-service law firm headquartered in Jamaica, with over 80-years’ experience offering clients solutions to the most challenging legal issues in virtually every area of commercial and corporate law, commercial litigation, property law and estate planning. DunnCox acts for a sizeable pool of local and international clients in a variety of sectors including financial services, hospitality and leisure, mining and raw materials, manufacturing, energy, real estate and construction, information technology, retail, and aviation. DunnCox also represents multinational corporations and public authorities, on matters concerning regulatory compliance, tax law, and legal due-diligence.
As one of the largest firms in region, DunnCox has a substantial track-record of success in several landmark court cases that have helped shape Jamaican jurisprudence. Additionally, the firm has helped to structure commercial and financial transactions of historic significance in every decade of its existence. The firm has a culture of cross-disciplinary teamwork, ingenuity and pragmatic strategies, that makes it capable of taking on some of the most challenging and sophisticated deals locally and internationally.
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