It was revealed at the weekend that Niue's offshore international business company (IBC) licensing regime has been pulled bank from the brink of destruction.
Niue Finance Minister and Premier, Sani Lakatani announced two weeks ago that as a result of pressure from the international community, and in view of the forthcoming OECD deadline for cooperation on tax and transparency issues, the Government would be dismantling the jurisdiction's offshore banking legislation.
Last week, Mr Lakatana also announced that - in light of the fact that several major aid agencies are delaying payouts until Niue secures removal from the blacklist, - the jurisdiction's IBC licensing regime, which brings in around $2 million in revenue each year, could also be dismantled to satisfy OECD demands.
However, it was announced on Friday that following two days of intense talks with the financial services sector, the IBC industry has been saved from destruction, and that on March 7, only the offshore banking legislation will be put before parliament to be repealed.
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