Reports have revealed that despite promises made to the OECD in a bid to secure removal from its 'harmful tax practices' blacklist, the Government of Niue has failed to dismantle the country's offshore banking legislation.
Speaking prior to the February 28 deadline for cooperation, Niue Premier Sani Lakatana stated that the offshore banking laws would be put before parliament on March 7 to be repealed, although he revealed that the jurisdiction's IBC formation sector would remain untouched, much to the dismay of the OECD.
However, according to regional news agency, Pacnews, the Government has admitted that a bill to shut down the offshore banking sector in Niue has not yet been written, meaning that action on the issue will now have to wait until after next month's general election.
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