Double Taxation Treaty Jamaica
To the extent that such discretion is exercised or if such an estimate is made, to the extent permitted by the information available to the tax authority, this shall be consistent with the principle set out in this Article. 5. For the purposes of this Article, `interest` means income from government bonds, debt securities or bonds, whether or not secured by a mortgage and whether or not they give rise to a right to share in profits, as well as other claims of any kind, as well as any other income generated under the tax law of the territory in which the income is generated: are equivalent to income from borrowed money. Desiring to conclude and agree on an agreement for the avoidance of double taxation and the prevention of fiscal evasion in the field of taxes on income and capital gains (3), the term `recognized stock exchanges` shall also include any other exchange situated in one of the territories which, in the opinion of the tax authorities of the Contracting Governments, is to be regarded as a recognized stock exchange within the meaning of this Article. 5. The preceding paragraphs of this Article shall be without prejudice to the taxation of the company for the profits from which the dividends are distributed. ARTICLE 27.—1. Nationals of one of the territories may not be subject in the other territory to any burden other than taxation and related requirements to which nationals of the other territory are or may be subject in the same circumstances. (d)`tax authorities` means, in the case of the United Kingdom, the Commissioners of Inland Revenue or their authorised representatives; in the case of Jamaica, the Income Tax Commissioner or his authorized representative; and, in the case of a territory to which this Agreement is extended in accordance with Article 28, which is responsible for the administration of the taxes to which this Agreement applies in that territory; ARTICLE 25[EDIT] The tax authorities of the Contracting Government shall, upon request, exchange information (available to them under their respective tax laws in the context of normal administration) necessary for the implementation of the provisions of this Agreement or for the fight against fraud or the administration of anti-tax evasion legislation with respect to taxes covered by this Agreement.
The information thus exchanged shall be kept secret and shall not be disclosed to any other person (including a court or administrative tribunal) involved in the assessment and collection of taxes covered by this Agreement. No information as set out above may be exchanged that would reveal trade, commercial, industrial or professional secrets or commercial procedures. Many of the provisions of the previous agreement have been maintained with little or no change. The most important are the taxation of maritime and air transport profits, pensions, corporate profits and wages, the exchange of information between the tax authorities of the two countries and the exclusion from the agreement of certain Jamaican companies that enjoy special privileges under Jamaican law. If the income continues to be taxable in both countries, as in the previous agreement, the credit will be granted by the taxpayer`s country of residence for tax payable in the country of origin of the income, including the UK tax credit saved under certain provisions of Jamaican law. 2. The taxation of a permanent establishment owned by an enterprise in one of the territories of the other territory may not be levied less favourably in that other territory than the taxation levied on enterprises in that other territory which carry on the same activities. Other changes include restrictions (which currently only apply to UK life insurance companies) in the scope of provisions protecting residents and businesses in one country from discriminatory taxation in the other country, changes to the rules on the taxation of professional income and more detailed provisions on guest teachers and students. Capital gains from the sale of movable property are normally taxed only in the taxpayer`s country of residence, unless they arise from the sale of assets of a permanent establishment owned by the taxpayer in the other country. In the event of a change in the law governing the taxation of such persons in force in one of the territories at the time of signature of this Agreement (except on minor matters), the Contracting Governments shall consult each other in order not to affect their general character in order to agree on the necessary amendment of this paragraph. For a list of countries with which Jamaica has a tax treaty, see the Withholding Tax section of the Corporate Income Tax Summary.
9. Where the information available to the tax administration concerned is not sufficient to determine the profits attributable to the permanent establishment, this Article shall not affect the application of the law of a territory with regard to the tax liability of the permanent establishment to pay an amount determined by the exercise of discretion or by the making of an estimate by the tax authority of that territory. (d)if he is a national of both or both territories, the tax authorities of the territories shall decide by mutual agreement on the matter. .