Press Release from: Jamaica International Financial Services Authority, Monday 17 February, 2025.
As the Government pivots to growth, Prime Minister Dr Andrew Holness has renewed his commitment to establish Jamaica as an international financial services centre.
“It is our intention to ensure that we complete the legislative framework… as we stand on the brink of transforming Jamaica into an international financial services powerhouse,” he said, calling on all stakeholders in Jamaica’s financial sector to collaborate in realising this vision.
The prime minister was speaking at the Jamaica Stock Exchange (JSE) Investments & Capital Markets Conference held at the Jamaica Pegasus Hotel in New Kingston on Tuesday (January 21).
He noted that while Jamaica already has a robust financial sector, further modernisation is essential to meet international standards. He said the Government has made substantial progress by passing several key laws, including the Partnership General Act and the Trust and Corporate Services Providers Act. The final legislation required is the Limited Liabilities Company Act, which has been refined to ensure it meets global expectations.
“This act aims to provide a more business-friendly framework than the Companies Act,” the prime minister explained.
Prime Minister Andrew Holness addressing the Jamaica Stock Exchange (JSE) 20th Regional Investments & Capital Markets Conference, held at the Jamaica Pegasus Hotel on Tuesday, January 21, 2025. (Photo: Facebook @jamaicastockexchange)
He stressed that these legislative measures are designed to create a modern business environment that supports both local and foreign enterprises.
“This legislative suite will offer new business structures, attract investments, and solidify Jamaica’s place as an international business hub,” he said.
Holness cited recent legislation raising the participating share capital limit for junior market-listed companies from J$500 million to J$750 million, as a strong demonstration of commitment to establish Jamaica as a financial and business centre.
“The legislation has been passed in the lower house and it goes to the Senate on Friday, January 24. I’m certain it will pass the Senate there, and then it goes to the governor-general for his assent and then it becomes law. So, within a matter of days, that will be the new share capital limit,” he noted.
Currently, the JSE Junior Market boasts 48 listed companies with a market capitalisation of J$148.5 billion.
Malta’s tax system, often labeled as a haven for foreign shareholders, has resulted in the wipeout of a staggering €1.3 billion in foreign tax revenue in 2022, which amounts to almost 8% of GDP.
Millionaires are currently being taxed at half of the effective tax rate they were paying in the mid-20th century, a new report finds, as the tax code has become increasingly regressive and wealth inequality
THE Government “disagrees” with the IMF’s assertion that it must introduce a personal income tax targeting “the top 10 percent of earners” and other reforms to hit its 25 percent revenue-to-GDP
The US is engaging in efforts to negotiate a landmark global tax deal despite President Donald Trump’s criticism of the agreement, according to the OECD. Secretary-general Mathias Cormann told the