Chartered Accountants Urged to Help Pitch SEZs

Members of the Institute of Chartered Accountants of Jamaica (ICAJ) are being urged to support the Government’s pitch about investment opportunities in the country, particularly the Special Economic Zone (SEZ).

Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, made the call as he addressed a recent taxation webinar hosted by the ICAJ.

He noted that the accounting professionals provide crucial data and information on which the business-investor community rely.

“I am, therefore, calling on members of the ICAJ to become part of our loudest and most informed pitch to the global business community, not only on SEZs that stand to raise significant capital for the local economy, but wider available opportunities in film, manufacturing, agri-business and business process outsourcing,” he said.

Senator Hill, who spoke on the topic ‘Jamaica’s Economic Outlook’, said that the Government is serious about the development and expansion of SEZs across Jamaica.

He noted that under the Special Economic Zones Act of 2016, new micro, small and medium-sized enterprise (MSME) occupants of SEZs in Jamaica are able to benefit from fiscal and non-fiscal incentives such as 12.5 per cent on corporate income tax, as opposed to the customary 25 per cent, alongside capacity building and duty-free importation on raw materials.

“And, because of their growth potential, special attention is being given to MSMEs in such industries as logistics and pharmaceuticals, agri-processing and agri-technology, automotive, black beauty care and the Global Services Sector,” he pointed out.

“I am stressing this because as we move away from sugar, banana… we have to reposition and repurpose our economy, and the SEZ is one such place that we have been looking at,” he said.

Senator Hill noted that the SEZ Act is being amended to ensure that it meets certain substance requirements as well as address administrative issues, which have been identified.

“The proposed amendments will, therefore, insert the substantial requirements into the legislation, to provide that only companies from which core income is generated may be allowed to operate in the zones,” he informed.

The amendments will also address intellectual property activities that have been deemed to create increased potential to harm, since there are no special requirements to govern those activities.

“My Ministry is doing its part in this partnership for prosperity and we are excited about the future of Jamaica,” Senator Hill noted.

Information on the SEZ and other investment opportunities is available on the National Business Portal powered by Jamaica Promotions Corporation (JAMPRO), an agency within the Ministry.

“It is Jamaica’s most unique digital investor ecosystem that allows visitors to get all the information they need on investing in Jamaica through one central and very easy-to-use online platform,” Senator Hill pointed out.

The portal, at www.dobusiness.gov.jm, includes information on near-shore opportunities in Jamaica, details on how to obtain SEZ status for a business, acquiring land, construction permits and even entry visas.

The ICAJ taxation webinar is held twice per year and attracts more than 200 participants from the public and private sector.

Source: JIS