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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid9657208\charrsid7746897 COOK ISLANDS}{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid9657208 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 INCOME TAX AMENDMENT ACT}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid3831388  }{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 1988}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7746897\charrsid7746897 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid9657208 ANALYSIS
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\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 1. Short Title and}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657208  }{\fs24\lang2057\langfe5129\langnp2057\insrsid9657208\charrsid3023259 commencement}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9657208 
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\fs24\lang2057\langfe5129\langnp2057\insrsid10445880 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 Schedule}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 1988, No. 1
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid11681780 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 An Act to amend the Income }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 Tax Act 1972
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\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 (31 May 1988}{\fs24\lang2057\langfe5129\langnp2057\insrsid9657208 
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\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3831388 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 
 by the Parliament of the Cook Islands in Session assembled and by the authority of the same as follows:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
\par 1. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 Short Title and }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 commencement}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 - }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 (1) This Act may be }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 cited as the Income Tax Amendment Act }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 1988, and shall }{\fs24\lang2057\langfe5129\langnp2057\insrsid11681780 be read }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 with and deemed part of the Income T}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 x}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259  Act 1972 (h}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 e}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 reinafter }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 called "the principal Act").}{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
\par 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 (2) This Act shall be deemed }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 to have come into force }{
\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 on the first day of January 1988.}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 2}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 . }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 Inter}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 p}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 retation}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259  - In this }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 Act, unless the context }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 otherwise requires -}{\fs24\lang2057\langfe5129\langnp2057\insrsid7746897  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
\par 
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\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 ed to carry on banking}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259  }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 business pursuant to }{
\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 the provisions of the }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 Banking Act 1969}{\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 
, and includes the Cook Islands Post Office.}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
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\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 3. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 S}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 p}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 ecial}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 exem}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 ptions for savings o}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 r deposits with Banks}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 
 - The principal Act is amended by adding after section 46A, the following new section,}{\fs24\lang2057\langfe5129\langnp2057\insrsid11681780  -}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid3023259 
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\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 Special exemption for}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897  s}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 avin}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 g}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 s or de}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897 p}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 osits}{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid3023259\charrsid7746897  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid9921168 with B}{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 anks}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259  - (1) For the purpose of assessing in
come tax every taxpayer (other than a person to whom section 47 of this Act a}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 pp}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 lies) }{
\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 who is resident in the Cook Isl}{\fs24\lang2057\langfe5129\langnp2057\insrsid11681780 ands and earns income by w}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 ay of interest o}{
\fs24\lang2057\langfe5129\langnp2057\insrsid9921168 n deposits or savings with any B}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 ank named in the Schedule, shall not be lia}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 b}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 le for income tax (other}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259  }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 
than withholding tax) in respect of the first $500 of the aggregate of all such income derived by that taxpayer in any income year.
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\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 (2) The Queen's Representative may, by Order in Executive Council}{
\fs24\lang2057\langfe5129\langnp2057\insrsid11681780 ,}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259  amend the schedule by adding to or deleting therefrom the name of any }{\fs24\lang2057\langfe5129\langnp2057\insrsid9921168 B}{
\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 ank.}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid7746897 SCHEDULE
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 Post Office Savings Bank}{\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 European Pacific Banking Company Limited}{\fs24\lang2057\langfe5129\langnp2057\insrsid11681780 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid11681780 {\fs24\lang2057\langfe5129\langnp2057\insrsid3023259 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid7746897 ------------------------------------------------
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7746897 {\fs24\lang2057\langfe5129\langnp2057\insrsid7413486\charrsid3023259 This Act is administered by the Inland Revenue Department.
\par }}