JHTA Examines Transfer Pricing in the Tourism Industry
A thriving business environment for tourism is required in any country to support the development of that country's economy. Under that premise, the Jamaica Tourist and Hotel Association (JHTA) hosted a webinar for its members that examined transfer pricing and how it impacts the tourism industry. This is part of the association's monthly webinar series aimed at exploring topical issues in tourism and was hosted by Allison Peart, Country Managing Partnerand Tax Partner for EY Jamaica."This month we focused on transfer pricing in the tourism industry because our members and member companies are impacted by transfer pricing" said Omar Robinson, President of the JHTA.
Globally, transfer pricing generally refers to the pricing of transactions between related parties. In Jamaica, the transfer pricing rules apply to transactions conducted by taxpayers resident in Jamaica with connected parties including transactions relating to services, loans, guarantees, etc.