Jamaica still has a piracy problem. Today's buccaneers are international firms
Jamaica is not alone in suffering leakage. Estimates of uncollected revenues vary. The OECD reckons that exchequers worldwide lose $100bn-240bn a year to corporate tax avoidance. An IMF study in 2016 suggested that the total could be over $600bn—equivalent to a quarter of all corporate tax collected globally. Avoidance has grown in line with intangible assets, such as intellectual property, which are easier to shift to tax havens than physical assets.
’s intervention have raised compliance costs. At a recent event in Kingston, a local tax partner from EY , an advisory firm, went further, hinting at an image problem for has helped it “cut through the fluff” when companies provide documents, and to get better at negotiating with firms and their well-paid advisers when disagreements arise over the pricing of transactions. “Recently a team came back from meeting one company so excited,” relates another TAJ auditor. For the first time ever when dealing with a large taxpayer, “our people did the talking and the other side sat dumb”, struggling to answer the questions.
’s wing is nearing an end. The sums involved are not huge: one of the bigger cases is set to bring in “potentially” J$350m , says an official. But
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