The National Assembly has approved amendments to the International Corporate Services Providers Act.

The amendments were presented this morning before the House by the Minister for Finance, Economic Planning and Trade, Naadir Hassan.

The International Corporate Services Providers Act governs businesses known as Corporate Services Providers, which have been licensed to provide services to businesses operating in the offshore sector.

The amendments are making provision to introduce the concept of ‘Private Trust Companies’ and a revision in the payment of licence fees – a pro-rate licence fee is being introduced.

The debate on these two amendments were short and MNAs in their majority voted in favour.

Source: Ministry of Finance, Economic Planning and Trade