changes which will boost both local and international business.

Mr. John Campbell, the senior partner in Appleby, Spurling and Kempe, welcomed several measures in yesterday's Budget.

And he said the Ministry of Finance was generally responding quickly to the needs of Bermuda's business industry.

Mr. Campbell specifically praised two upcoming pieces of legislation -- the Stamp Duties Amendment Bill and the Trust Companies Amendment Bill.

"I feel quite positive about the Government's proposals in both areas,'' said Mr. Campbell, who is also president of AS&K's licensed trust company, Harrington Ltd.

"I think Government has demonstrated a sensitivity to the local market place on the one hand and an awareness of the needs of the international marketplace on the other.'' Locally, the increase in the threshold for employment tax purposes in relation to small businesses was a big step forward, said Mr. Campbell.

"We also have the abolition of stamp duty in relation to local pension funds,'' he said. "Clearly, in my view, it's socially highly desirable to encourage local employers to establish pension funds for their employees.'' On the international side, Mr. Campbell said it had been widely recognised for many years that stamp duty on settlements of foreign property has been a big disincentive to the establishment of foreign trusts by overseas clients.

Minister of Finance the Hon. Dr. David Saul said yesterday Government proposed to amend the Stamp Duties Act to relieve from duty any instrument conveying non-Bermuda property to trusts administered by local trustees.

"This makes us highly competitive with other jurisdictions on a cost basis, quite apart from other considerations which go into the decision making process such as political stability, communications and sophisticated professional infrastructure,'' said Mr. Campbell.

"It also has the effect of putting local trust companies on a level playing field with the exempted trust companies which we have seen incorporate in Bermuda over this last year.'' Another aspect of the proposed trust legislation which pleased him was the removal of the prohibition of the words trust or trustee on single purpose trust companies.

These are companies which are set up outside the Trust Companies Act 1991 to act as the trustee of a specific trust or group of trustees usually identified by an individual or family name, which do not offer their services to the public.

Under the proposed legislative amendment, these companies will be able to use the name trust or trustee in their title provided it is accompanied by the word private or an abbreviation of it.

"This may seem insignificant but it is really quite important for such a trust company in its dealings with the outside world to be able to represent itself as a trust company,'' he said. "The absence of the word trust from a name can give rise to difficulties.'' By recognising this and acting, the Ministry of Finance had once again demonstrated an "acute understanding'' of the needs of the international marketplace, said Mr. Campbell.