Jamaican Parliament Approves New Transfer Pricing Regime

On 8 December 2015, Jamaica's House of Representatives approved Income Tax (Amendment) (No. 2) Act 2015, which introduces new transfer pricing documentation requirements and provides for advance pricing agreements. This completes the parliamentary approval process, as the Senate approved the legislation on 27 November. Key aspects of the new transfer pricing regime include:

• All companies are required to file a report on related party transactions with their annual tax return (due 15 March fo…