Aims to enhance tax transparency, stop to banking secrecy, curtail tax evasionMembers of the House of Representatives of the 54th Legislature have passed their first Law since they resumed the legislative business of the Liberian people on Monday, January 15, and have forwarded the law to the Senate for concurrence. Previously, the Liberian Business Corporation Act permits corporations to issue bearer shares and/or registered shares without any requirement to maintain a registry or to disclose the beneficial ownership information to identify those shareholders. Now, with the amendment, the Act will reflect the discontinuance of bearer shares and full disclosure of the shares to companies and beneficial ownership information to an approved custodian. The House approved the amendment following a report from the Joint Committee on Judiciary and Commerce. Acarous Gray, Montserrado County District #8 Representative, made the motion for the second reading to constitute the third reading and to be be passed.

Source: Daily Observer March 02, 2018 02:15 UTC