A DTA was confirmed between the two regions in early October and information sharing provisions were added to the treaty in late November. In a recent press briefing, the Jamaican Minister with responsibility for Information, Senator Arthur Williams, welcomed the treaty saying it would acilitate the effective exchange of tax information between Jamaican tax authorities and their counterparts in Macao, China
Jamaica, often overshadowed by its neighbors Bermuda, The Bahamas, the Cayman Islands and the British Virgin Islands, has recently been trying to position itself as an offshore financial center. The island announced in September that gaining IFCS was a ational priority, due to its potential to stimulate investment, create jobs and generate revenue. /p>
Well aware of the need to establish a niche for itself in relation to its more famous neighbors, Jamaica will focus on smaller niche markets, exploiting tax treaties and gaining special access to larger markets. The island is also attempting to position itself as a 'one-stop shop' for international shipping and aircraft from production through international registration, according to a report written by Don Wehby who previously headed the Jamaican team tasked with establishing the island as an IFSC.
The value of Jamaica financial and insurance services industry is rising rapidly. From approximately 34 billion US Dollars in 2001, it doubled to 68 billion in 2006 and reached 101 billion in 2010, according to the Statistical Institute of Jamaica, accounting for 8.6 percent of GDP.
Macau, while less famous than its neighbor Hong Kong, is known for its luxury living, from casinos to high-end cars. While its total population just tops 500,000, it boasts a high per capita GDP of 414,444 MOP (approximately 50,000 US), ranking higher than Hong Kong, Taiwan and the US.
Rapidly expanding its network of international agreements over the past year, Macau inked TIEAs with Australia, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden, and confirmed that it is in negotiations with Ireland, New Zealand, Germany and Argentina.
