In the wake of the government’s recently passed Income Tax Amendment and VAT Amendment Bill, the job of the team at the Cook Islands Tax Amnesty Office is about to change.
The members’ stake in the Cook Islands National Superannuation Fund is worth close to $145 million, according to the latest Fund performance as at January 31, 2018.
Financial secretary Garth Henderson says government agencies have always paid their Pay As You Earn (PAYE) tax, adding the PAYE debt that was written off as part of ‘tax forgiveness’ is a result of a reconciliation error.
Land allocated to locals can be passed onto foreigners if they are unable to afford it, Minister of BTIB Kiriau Turepu said during Tuesday’s question time session at Parliament.
The Cook Islands economy gained from around $32 million in extra spending generated by the 10 per cent increase in visitors last year compared to 2016.
With more than two months left to go on the government’s recently-extended tax amnesty, the Revenue Management Division so far processed $8 million worth of tax debt from 520 applications.
The Budget Support Group (BSG) was established to provide support during the budget process in evaluating ministry and agency submissions and provide recommendations to cabinet.