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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13594748 \fs20\lang1033\langfe5129\cgrid\langnp1033\langfenp5129 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid13594748 COOK ISLANDS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid418679 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 INCOME TAX AMENDMENT ACT}{\b\fs24\lang2057\langfe5129\langnp2057\insrsid418679  }{
\b\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 1994
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2103714 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid13594748 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 ANALYSIS}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 Title}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 Short Title and commencement}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid2103714 {\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 Special}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 exemption}{
\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 for}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 life
}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  insurance policies}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 3.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 Incomes}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 wholly}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 exempt}{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714  }{\fs24\lang2057\langfe5129\langnp2057\insrsid2103714\charrsid6633321 
from taxation}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par 4.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 Dividends distribution tax
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 ----------------------------------------
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13594748 {\b\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid13594748 1994, No. 21
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid13594748 An Act to amend the Income Tax Act 1972
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 (30 November 1994
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\b\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid5722784 BE IT ENACTED}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 1.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid13594748 Short Title and commencement}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 - (1) This Act may be cited as the Income Tax Amendment Act 1994 and shall be read together with and deemed part of the Income Tax Act 1972 (hereinafter referred to as }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 the principal Act}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 ).}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par (2) Except as provided in section 2, this Act shall come into force on the date it is assented to by the Queen}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 '}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 s Representative.

\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid13594748 Special exemption for life insurance policies}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 - (1)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
Section 46 of the principal Act is amended by -}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 (a)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 omitting from subsection (1) paragraphs (a) and (b), and substituting the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 provided the taxpayer has met his obligations pursuant to section 26}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 A of the Turnover Tax Act 1980}{
\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 ;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 (b)}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321  }{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 inserting a new subsection (1A) as follows:}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 (1A) A qu
alifying life insurance policy shall be a policy of which the term is at least 10 years, or 5 years where the maturity date is not before the 60th birthday of the life assured.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321\charrsid6633321 (2) This section shall be deemed to have come into force in respect of the income year commencing on the 1st January 1994.
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid6633321 
\par }{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 3. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid13594748 Incomes wholly exempt from taxation}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784  -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  Paragraph (x) of subsection (1) of section 48 of the principal Act is amended, by adding after the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 the Government}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 , the words }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 or any public authority as defined in section 2.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par 
\par 4. }{\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid13594748 Dividends distribution tax}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  The principal Act is amended by inserting after section 127, }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 a new section 127A as follows -}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 

\par 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid13594748 {\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 127A. }{
\fs24\ul\lang2057\langfe5129\langnp2057\insrsid13594748\charrsid5722784 Dividends distribution tax}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 -}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  (1) Notwithstanding any other provision of this Act and except as otherwise p
rovided in this section, where any qualifying company declares a dividend between 1 January 1995 and 31 March 1995 (whether from past profits or current year}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 '}{
\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 s profits) that dividend shall be subject to the dividends distribution tax prescribed in this sec
tion and shall not be subject to any other tax whether on the part of the company paying the dividend or the person receiving the dividend.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 (2) The dividends distribution tax shall not apply to any dividend which pursuant to this Act or any other law is n
on-assessable income or exempt from tax or subject to tax (whether withholding tax or otherwise) at a rate equal to or less than 5 %.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 (3) A }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
qualifying company}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748  for the purposes of this section shall be any company which at the time the dividend is declared }{
\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 -}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
(a) has filed its return of income with the Collector for the financial year of the Company which ended between the 1 July 1993 and 30 June 1994, and for all preceding financial years; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 (b) has paid or otherwise satisfied all assessments of incom
e tax issued by the Collector for every financial year of the Company; and
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 (c) has paid or otherwise satisfied all provisional tax due;
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
(d) has filed its turnover tax returns with the Collector for every month prior to 1 December 1994 for which the company has an obligation pursuant to the Turnover Tax Act }{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 
l980 to file such a return; and}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
(e) has paid or otherwise satisfied all turnover tax payable in respect of gross turnover derived prior to 1 December 1994}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 .}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 (4) The dividends distribution tax shall be 5% of the amount of the dividend.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
(5) Where a company claims to be a qualifying company and proposes to declare a dividend which will be subject to the dividends }{\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 distribution tax, the company may prior to the de
claration of the dividend apply to the Collector for a certificate confirming that it is a qualifying company. The Collector shall on receipt of such application either issue a certificate accordingly, or by notice in writing to the company decline the ap
plication stating his reasons for declining the certificate.}{\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
(6) Any certificate issued by the Collector pursuant to subsection (5) shall in the absence of fraud be binding on the Collector for the purposes of this section but for no other purpose.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 (7) In
 any case where the dividends distribution tax is payable the company declaring the dividend shall give notice in writing to the Collector of the dividend within 30 days of the declaration of the dividend and shall with the same period make payment in ful
l to the Collector of the amount of the dividends distribution tax.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid13594748 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
(8) In the event that payment is not made by a company in respect of any dividend in accordance with the provisions of subsection (7), the dividends distribution tax shall thereupon cease 
to be payable by the company in respect of that dividend, and the dividend shall be subject to tax in accordance with this Act as if this section had no application to that dividend.}{\fs24\lang2057\langfe5129\langnp2057\insrsid5722784 "}{
\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6570176 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 ---------------------------------------------
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid5722784 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid6570176 {\fs24\lang2057\langfe5129\langnp2057\insrsid6570176 This Act is administered by the Inland Revenue Department
\par }}