In the Cook Islands there is no capital gains
tax, inheritance tax or estate duty, capital
transfer tax, gifts tax or wealth tax. The main
tax on individuals is income tax at a maximum
rate of 30%. There is VAT at 12.5%, there is
Stamp Duty on some official transactions, and
there are import duties.
These
are
levied at rates specified by law in 18 bands
ranging from 0%–150% percent, with an
average effective rate of slightly over 10%
on the cif (cost plus insurance plus freight)
value of all imported goods.
The government
had lifted most import levies from July 1, 2006,
although duties on pork, fresh fruit, vegetables,
pearls, soft drinks, motor vehicles, liquor,
tobacco and fuel remain in place.
Cook
Islands Income Tax
Income tax is payable by those residing and
working in the Cook Islands and is levied on
a sliding scale as follows:
NZD0
to NZD10,000 - Exempt
NZD10,001
to NZD30,000 - 25%
NZD30,001
and above - 30%
N.B.
The NZD10,000 exemption is for a full year of
residence in the Cook Islands. The exemption
is apportioned to days resident for individuals
who have not been resident for a full year.
Non residents do not receive the exemption,
the rate of tax on earnings derived in the Cook
Islands is 20 cents in the dollar for the first
NZD4000, 25 cents in the dollar between NZD4001
and NZD24,000 and 30 cents in the dollar for
every dollar over NZD24,000 pa.
Trust
income tax rates are as follows:
NZD0 to NZD4,000 - 20%
NZD
4,001 to NZD24,000 - 25%
NZD24,001
and above - 30%
Provisional
tax is required to be paid by any taxpayer who
in any income year derives assessable income other
than from source deduction payments and their
tax payable on the assessable income is over NZD1,000.
Payments
of provisional tax are due in two equal installments
during the income year. On a standard balance
date of December 31 the installments are due on
June 1 and December 1 respectively. The total
amount of provisional tax payable is the terminal
tax calculated in the preceding year, however
provisional tax can be estimated in some circumstances.
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