Hylton to press ahead with offshore centre
Published:Friday | February 17, 2012 | 12:00 AM
Minister of Industry, Investment and Commerce Anthony Hylton says he is fully behind plans to set up an international financial services centre (IFSC) in Jamaica.
"There is a policy agreement to continue the project. We have looked at it and believe that it represents opportunity to generate increased business flow for Jamaica," Hylton told the Financial Gleaner.
He is just as swayed by the potential US$30 million to US$300 million - or J$2.6b to J$26b - of annual government revenue expected to flow from the increased business.
Jamaica has been laying the groundwork for the IFSC since 2007 under the guidance of then minister without portfolio in the finance ministry Senator Don Wehby, who identified the Kingston waterfront as the intended base of the IFSC's operations.
Next week, Hylton is expected to name a new board for the JIFSC. He declined to disclose the members' identities ahead of Cabinet's approval of his pick.
The current committee comprises tax expert Eric Crawford of PricewaterhouseCoopers as chairman, Peter Goldson, David Lowe and Sancia Bennett-Templer of Jampro, Delroy Hunter, Douglas Leys, Marlene Parker of the Tax Administration of Jamaica and Malcolm McDonald, central bank governor Brian Wynter, Rohan Barnett of the Financial Services Commission, and Peter Young, formerly of Citibank who now operates his own fund management company in the Cayman Islands.
Financial analyst Keith Collister also acts as a representative for the PSOJ and the JCC.
According to Crawford, the committee's most recent focus has been on drafting the laws needed for the IFSC to begin operation.
At least seven pieces of legislation have already been drafted and are undergoing legislative review ahead of their introduction in Parliament.
The Jamaica International Financial Services Authority Act was passed in the house in February 2011 to create a new statutory body whose mandate would be to promote and develop Jamaica as a low-tax centre for financial services.
Jamaica is considering products such as captive insurance services, international holding companies, shipping and aviation registry services, and international trust service and partnership services. International banking services and private equity and mutual-fund products are to be added to the list in the medium to long term.