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Short title \par 2. Commencement \par 3. Interpretation \par 4. Sections 4 to 7 part of}{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Income Tax Act 1972 \par 5. Annual taxing Act \par 6. Rates of income tax \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 7. }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Rates of bonus issue tax \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 8. }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Application of repeals and}{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 }{ \fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 savings provision in Income}{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Tax Act 1997}{ \fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 9. }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Validation \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 10. }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 Saving of legal proceedings}{ \fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 ----------------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 2002}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid4683179 , No. 4 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4683179 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 An Act to fix the rates of income tax and bonus issue tax for the year commencing on the }{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid4683179 1}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 st day of January 1995 and the year commencing on the }{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid4683179 1}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 st day of January 1996 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 (9 May 2002}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 \par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid5121247 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{ \fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Short title}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - (1) This Act may be cited as the Income Tax (Annual 1995 and 1996) Act 2002.}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179\charrsid15485824 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Commencement}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - (1) This Act, except for sections 4 to 7, comes into force on the day on which it is assented to by the Queen}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 '}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 s Representative. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 (2)}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 Sections 4 to 7 shall be deemed to have come into force on 1}{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 January 1995. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Interpretation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - In this Act, - \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 The 1995 year}{ \fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 means the year commencing on the 1st day of January 1995; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 The 1996 year}{ \fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 means the year commencing on the 1st day of January 1996. \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Sections 4 to 7 part of Income Tax Act 1972}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - This section and sections 5 to 7 of this Act shall be read together with and deemed part of the Income Tax Act 1972 (}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 the principal Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 ). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 5.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Annual taxing Act}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - For the purposes of the principal Act, sections 4 to 7 of this Act shall be deemed to be an annual taxing Act fixing the rates of income tax and bonus issue tax for the 1995 year and the 1996 year. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 6.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Rates of income tax}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - For both the 1995 year and the 1996 year, income tax shall be assessed, levied, and paid, pursuant to Part V of the principal Act at the rate specified in the First Schedule to that Act (as amended by section 4 of the Income Tax Amendment Act 1989). \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 7.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Rates of bonus issue tax}{ \fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 For both the 1995 year and the 1996 year, bonus issue tax shall be assessed, levied, and paid pursuant to Part VIII of the principal Act at the rate specified in clause 6 of Part A of the First Schedule to that Act. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 8.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Application of repeals and savings provis ion in Income Tax Act 1997}{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - For the avoidance of doubt, section 231 of the Income Tax Act 1997 has effect as if sections 4 to 7 of this Act were in force at the time the Income Tax Act 1997 came into force. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 9.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Validation}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - All income tax and all bonus is sue tax assessed, levied, and paid for the 1995 year or the 1996 year is hereby validated and declared to be, and always to have been, lawfully assessed, levied, and paid. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 10.}{\fs24\lang2057\langfe5129\langnp2057\insrsid15485824 }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid4683179 Saving of legal proceedings}{ \fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 - Nothing in this Act shall affect any legal proceedings commenced or completed before the coming into force of this section. \par }{\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 ------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15485824 {\fs24\lang2057\langfe5129\langnp2057\insrsid4683179 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid4683179 {\fs24\lang2057\langfe5129\langnp2057\insrsid8614594\charrsid15485824 This Act is administered in the Revenue Management Division of the Ministry of Finance and Economic Management \par }}