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Cook Islands Expanding Tax Assistance

by Mike Godfrey, Lowtax.net, Washington
02 March, 2015

The Cook Islands has signed a tax information exchange agreement (TIEA) with the Czech Republic and has noted that Italy has now completed its domestic ratification procedures to bring into force a similar deal concluded with that nation.

The TIEA with the Czech Republic was signed on February 24, 2015. The Cook Islands now has TIEAs in place with Australia, the Czech Republic, Denmark, the Faroe Islands, Finland, France, Germany, Greece, Greenland, Iceland, Ireland, Italy, South Korea, Mexico, the Netherlands, New Zealand, Norway, South Africa, and Sweden.

Confirming the new agreement, the Cook Islands noted that the territory will soon hear the results of its phase two peer review by the OECD's Global Forum on Transparency and Exchange of Information for Tax Purposes, which will examine the territory's framework for the exchange of tax information in practice.

The territory's Government said: "The signings were an important step for the Cook Islands to demonstrate its international cooperation on tax matters and to the principles of transparency and effective exchange of information. The entering into of this agreement is further evidence of the Cook Islands' commitment to the OECD's efforts in creating a level playing field in the international arena, encompassing the principals of transparency and effective exchange of information for tax purposes."

"This signing makes a total of 19 TIEAs entered into by the Cook Islands, and demonstrates that the Cook Islands has become a leading jurisdiction in the fight against tax evasion. The TIEAs allow for these countries and the Cook Islands to request information from each other where a specific taxpayer is under investigation, and where there is reason to believe that relevant information is held in the other country."

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