Niue Premier Sani Lakatana revealed this week that the OECD has expressed concerns over the Government's decision to retain its International Business Company (IBC) licensing regime, despite his recent announcement that the jurisdiction's offshore banking legislation is set to be repealed.
At a meeting with Niue Financial Secretary Leonard Tukuitonga in Auckland on Thursday, OECD officials raised concerns that the country's IBC registry, which is run out of Panama, could pose a risk in terms of vulnerability to tax evasion.
However, Mr Lakatana stated that although he was willing to dismantle the offshore banking sector in order to avoid the sanctions threatened by OECD members, he was not prepared to forgo the much needed $700,000 in revenue which is brought in by the IBC registry, as the OECD has been unable to come up with any suggestions as to how to replace that income.
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