03/08/2021 – Jamaica has committed to implement the international Standard for Automatic Exchange of Financial Account Information in Tax Matters (AEOI) by 2022. The commitment made by the Minister of Finance and the Public Service, the Honorable Nigel Clarke DPhil, M.P., makes Jamaica the 117th Global Forum member to commit to start AEOI by a specific date.
Maria José Garde, Chair of the Global Forum, said “I am delighted to welcome Jamaica's commitment to the AEOI Standard. As for the 116 other committed jurisdictions, the Global Forum will monitor Jamaica’s progress in delivering its commitment to start exchanging automatically by September 2022 and updates will be provided to our members and the G20. The Global Forum Secretariat will assist Jamaica in implementing the Standard and in addressing any challenges that may arise”.
This powerful new tool will help generate additional taxable revenues for Jamaica, by allowing it to identify cases of tax evasion, and will certainly increase tax compliance.
The Global Forum is the leading multilateral body mandated to ensure that jurisdictions around the world adhere to and effectively implement both the standard of transparency and exchange of information on request and the standard of automatic exchange of financial account information. These objectives are achieved through a robust monitoring and peer review process. The Global Forum also runs an extensive capacity-building programme to support its members in implementing the standards and help tax authorities make the best use of cross-border information sharing channels.
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