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New On The Network Today

This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
Providing essential tax news and information for globally mobile artists, contractors, entrepreneurs, professionals, small businesses, sportspersons and entertainers.
 

 
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Investors Offshore: The independent offshore and alternative investment guide for expatriates and the globally aware investor. Sponsored by HSBC Bank International.
Law & Tax News: Daily news and background data on tax and legal developments for international business.
Offshore-e-com: A topical guide to offshore e-commerce focused on tax and regulation.
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US Tax Network: The resource for free online US taxation information, covering: corporate tax, individual tax, international tax, expatriates, sales and e-commerce tax, investment tax.
NEW! Personal Business Tax Guide: Providing essential tax news and information on business for contractors, entrepreneurs, professionals, small businesses, artists, sportspersons and entertainers.
 
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LOWTAX OFFSHORE

COOK ISLANDS : EXECUTIVE SUMMARY


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Cook Islands Executive Summary

The Cook Islands are a self-governing parliamentary democracy in a loose constitutional association with New Zealand. The Queen is Head of State and New Zealand has a High Commissioner. There is a Prime Minister and a cabinet appointed from among elected members of parliament. The population of 21,000, ethnically similar to New Zealand Maoris, occupies widely scattered islands in the South Pacific half way between New Zealand and Hawaii. The time zone is 10 hours behind GMT. The capital, Avarua, on Raratonga Island, has direct flights to Los Angeles, Hawaii, New Zealand etc. The climate is tropical and there are typhoons in summer.

The economy is import dependent and loose fiscal policies led to 'bankruptcy' in 1996. Some recovery has followed Government cut-backs and assistance from New Zealand. Exports include copra, pearls and fruit. The tourist industry is vital, and the offshore sector is the second biggest source of government revenue. The currency is the New Zealand dollar. There are no exchange controls. Unemployment and inflation are low. There are significant investment incentives available to foreign-owned businesses. The law is based on English common law.

Local taxation consists of a 20% corporation tax, and personal income tax at rates up to 30%. There is VAT of 12.5% and there is Stamp Duty. Withholding tax on payments to non-residents is 15%. There are no withholding taxes on domestic payments. The Cook Islands have no double taxation treaties, but a Tax and Information Exchange Agreement was signed with New Zealand in 2009 - likley to be the first of many such agreements.

The offshore sector began quite early in 1981 and there are special regimes for banks, captives and trust management, which is the biggest offshore sector. Offshore companies and trusts do not pay any taxes except for Stamp Duty. Confidentiality is tight, except in cases of criminal activity, which does not include fiscal crime.

FATF Blacklist

In June 2000, the Cook Islands was blacklisted by the FATF as a non-cooperative and harmful tax haven.

In September 2000 the Cook Islands parliament passed the Money Laundering Prevention Act, which provides for the setting up of a Money Laundering Authority, to consist of the government's financial secretary, the commissioner for offshore financial services and the commissioner of police.

In 2003 a series of nine new measures were introduced in the Cook Islands Parliament over the regulation of domestic and offshore financial industries after the cabinet approved the work of an Anti-Money Laundering/Counter Financing Terrorism Committee. The measures include a Financial Transactions Reporting Act, which require all banks to report local and international money transfers to a central financial intelligence unit.

The Cook Islands were removed from the FATF's list of NCCTs in February 2005. The FATF said that a recent visit had confirmed that the jurisdiction was effectively implementing anti-money laundering (AML) measures.

The Cook Islands was 'grey listed' by the OECD in April 2009 as a jurisdiction which had committed to, but not "substantially implemented," the internationally agreed tax standard.

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