IMF Newsletter for the Caribbean Region: Caribbean Corner - Issue 3, April 2015

Please see link to the Third Edition of The Caribbean Corner, the IMF newsletter for the Caribbean Region, which has been released and can be found HERE 

Tourism & Economic Citizenship

In the Eastern Caribbean, the offer of citizenship in return for a sizable investment has become an important element in economic recovery. Although different countries have different schemes, the investment related to the sale of citizenship is often in a villa property and increasingly in the part-ownership of a hotel or tourism facility.

For some countries, overseas developers have emerged to package the sums associated with new citizenship into financing for the construction of new hotels, time shares or other forms of tourism scheme; sometimes employing third party agencies to seek out such 'investors' who can then be grouped together.

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Team Jamaica Sizzles At Taste Of The Caribbean

Team Jamaica at the 2014 Taste of the Caribbean Culinary Competition, Hyatt Regency Hotel, Miami, June 28-July 2, 2014.

July 2014: Team Jamaica represented well at the 2014 Taste of the Caribbean Culinary Competition at the Hyatt Regency Hotel, Miami, June 28 - July 2, 2014, earning 20 medals across a range of categories.

The Team, which comprised chefs from several local hotels brought home four gold medals, two silver, four bronze and the Caribbean Junior Chef of the Year title, won by Sanju Smith of Sandals Royal Plantation.

Team Jamaica, assembled by the Culinary Federation of Jamaica (CFJ) also included Kenrick Stewart, Manager; Dennis McIntosh, Coach; senior chefs Gian Stewart, Sandals Royal Plantation and SIlverio Marrone, Rico Chico; pastry chef, Teresa Clarke of Couples Sans Souci; bartender Leonard Broomfield, Rock House Hotel; and junior chef Nicholas Stewart, Montego Bay Convention Centre and Christopher Campbell, Runaway Bay HEART College of Hospitality Services.

Participating in the individual competitions were Richard Pinnock, Jamaica Pegasus and Gian Stewart, Sandals Royal Plantation - Beef Competition; Alberto Atiles, Sandals Grande Rivera - Seafood Competition; Rohan Henry, Couples Tower Isle - Ice Carver and Shekira Cassie, Couples Sans Souci - Cheesecake Competition.

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Reporting for GCT on Government Purchases Due

Tax Administration Jamaica (TAJ) is reminding GCT Registered Taxpayers who provide goods and services to government entities that the new policy of GCT being charged on government purchases is to be reflected on their GCT return, starting with their June GCT return, due by the end of July. A new GCT return has been designed to accommodate this, and should be used by all GCT registered taxpayers. In making such returns the Withholding Tax Certificates (WTC) issued to the supplier by a government Tax Withholding Entity (TWE) may be claimed as a credit against Output Tax.

The new policy, which came into effect on June 1, 2014, now requires government entities to pay GCT on purchases. The new law stipulates that ministries, departments, agencies and some public bodies be registered as Tax Withholding Entities (TWEs) and requires them to withhold the GCT from their suppliers, provide suppliers with a Withholding Tax Certificate and make the payments to Tax Administration Jamaica (TAJ).

TAJ's system has been configured to allow the TWEs to now begin uploading the withholding tax certificates issued during the month of June. The government entities are expected to complete this exercise by July 21, following which suppliers will be able to file their GCT returns electronically showing WTCs being claimed as credit. It should be noted that suppliers must file their GCT returns online in order to claim the credit reflected on withholding tax certificates.

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