The Government of Jamaica has made strides towards ensuring that tax collection is transparent, equitable, and fair. This includes the establishment of the independent Objections Unit. These initiatives will help the Tax Administration Jamaica improves its risk assessment processes. Here are some jobs available at the Jamaica Tax Office. In addition, the TIWB is assisting the TAJ to develop processes to detect profit shifting by multinational enterprises.
Jobs at the Jamaica Tax Office
If you’re looking for a challenging and rewarding job in taxation, Jobs at the Jamaica Tax Office could be just the thing for you. There are several positions available in Kingston, and a positive work environment provides the opportunity to grow and develop. These positions include a variety of functions, such as tax compliance, auditing, and customer service. The human resources department of the JTO provides a variety of career news and advice.
TIWB to assist TAJ in improving risk assessment processes
The TIWB project is designed to provide the Jamaican Tax Office (JTO) with technical assistance in improving its risk assessment processes. It will help TAJ officials gain practical and technical audit knowledge to improve their processes, and it will help improve the TAJ’s communication with large-taxpaying entities in the country.
The Bank of Jamaica has the statutory responsibility to supervise all commercial banks, trust companies, and building societies. The Bank of Jamaica also works closely with the Financial Services Commission (FSC) and the JDIC. The Financial Institutions Act outlines the Bank of Jamaica’s powers to supervise banks. This act is followed by various pieces of legislation.
Profit shifting by multinational enterprises denies Jamaica tax revenues
Profit shifting is a technique that multinational enterprises use to lower their tax burden. This technique involves moving profits from high-tax jurisdictions to low-tax jurisdictions. This practice has a negative impact on the tax revenues of the countries where the multinational enterprises are located. It also reduces the potential output of a nation.
The OECD and other tax authorities are working to combat the practice of profit shifting by multinational enterprises. The project’s goal is to ensure that taxation is fair, transparent, and aligned with economic activity. It will require enormous commitment and effort, but the project is making remarkable progress. It has already led to a major shift in policy-making practices.
Unmasking while banking in Jamaica
The Bank of Jamaica (BOJ) acts as the central bank of Jamaica. The Act defines the role of the BJ in banking in the country. It regulates commercial banks, building societies, and deposit-taking institutions. The BJ Act requires these institutions to provide their customers with information on their financial status.
The Bank of Jamaica is pursuing a national rollout of CBDC by 2022. It recently chose eCurrency Mint to supply the technology. The National Commercial Bank also joined the project, testing payment services. The bank is now minting 230 million Jamaican dollars (JMD) and 1.5 million USD (USD). The next step is to implement the new digital currency across the country.
