Jamaica's Minister of Finance and the Public Service Audley Shaw announced on 29 March 2016 that the country's new transfer pricing rules will not be applied retroactively. The new transfer pricing rules were approved on 8 December 2015 as part of the Income Tax (Amendment) (No. 2) Act 2015 and include requirements to prepared documentation and submit a transactions report with the tax return ({News-2015-12-15/A/2- previous coverage}).
When initially approved, the government has stated that…