Fri | Nov 16, 2018

Ja signs double taxation agreement with Italy

Published:Saturday | January 20, 2018 | 12:00 AM
Minister of Finance and the Public Service Audley Shaw (left) with Ambassador of the Republic of Italy to Jamaica Armando Varricchio (centre) and Aldo Davoli, director of public affairs, Campari Group, signing the double-taxation agreement between the governments of Jamaica and Italy at the finance ministry’s Kingston office yesterday.

The Jamaican Government and its Italian counterpart yesterday signed a double-taxation agreement aimed at advancing trade and investment between both countries.

Finance and the Public Service Minister Audley Shaw said that the agreement would provide significant benefits for Italian investors in Jamaica such as Gruppo Campari, which has invested heavily in the country.

Shaw hailed the company, which has provided employment to hundreds of Jamaicans. He said that Jamaicans represented half of Campari group's global network of 4,200 persons.

Campari markets Jamaican products globally and is the sixth-largest player worldwide in the premium spirits industry.

Armando Varricchio, ambassador of the Republic of Italy, said that the agreement would help to promote capital inflow and expand foreign trade in both countries.

"A favourable business environment is essential for companies when they have to decide on their investment plans. With this agreement, our two governments have provided a key asset to those companies to further expand their companies in Italy and Jamaica," he said.

The agreement was signed by Shaw and Varricchio at the Ministry of Finance and the Public Service, National Heroes Circle, in Kingston.