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10.0.6612;}{\info{\author Ruddley_E}{\operator blake_r}{\creatim\yr2005\mo4\dy14\hr9\min10}{\revtim\yr2005\mo4\dy21\hr14\min31}{\version8}{\edmins15}{\nofpages2}{\nofwords245}{\nofchars1402}{\*\company USP} {\nofcharsws1644}{\vern16389}}\paperw11904\paperh16834\margl1440\margr1440 \widowctrl\ftnbj\aenddoc\noxlattoyen\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\subfontbysize\hyphcaps0\formshade\horzdoc\dghspace120\dgvspace120\dghorigin1701\dgvorigin1984 \dghshow0\dgvshow3\jcompress\viewkind4\viewscale100\pgbrdrhead\pgbrdrfoot\nolnhtadjtbl\rsidroot12857442 \fet0\sectd \linex0\sectdefaultcl\sftnbj {\*\pnseclvl1\pnucrm\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl2\pnucltr\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl3\pndec\pnstart1\pnindent720\pnhang {\pntxta .}}{\*\pnseclvl4\pnlcltr\pnstart1\pnindent720\pnhang {\pntxta )}}{\*\pnseclvl5\pndec\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl6\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl7\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl8\pnlcltr\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}{\*\pnseclvl9\pnlcrm\pnstart1\pnindent720\pnhang {\pntxtb (}{\pntxta )}}\pard\plain \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 COOK ISLANDS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 INCOME AMENDMENT ACT 1994-95 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid15684113 ANALYSIS \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Title \par l.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Short Title and commencement}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 2.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Deposits with banks \par 3.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Withholding tax}{\fs24\lang2057\langfe1033\langnp2057\insrsid4266419 }{\fs24\lang2057\langfe1033\langnp2057\insrsid12190216 imposed}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid15684113 ---------------------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 1994-95, No. 29 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15684113 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 An Act to amend the Income Tax Act 1972 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (21 April 1995 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 by the Parliament of the Cook Islands in Session assembled and by the authority of the same as follows:}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par 1.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Short Title and commencement}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 - (1)}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Thi s Act may be cited as the Income Tax Amendment Act 1994-95 and shall be read together with and deemed part of the Income Tax Act 1972 (hereinafter referred to as "the principal Act").}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par (2)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 This Act shall come into force on the 1st of May 1995.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par 2.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Deposits with banks}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 - The principal Act is amended, by inserting after section 50 the following new section - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 "50A. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Deposits with banks}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 - (1) Notwithstanding any other provision of this Act, income received by a person who is resident in the Cook Islands by way o f interest on a qualifying deposit shall, for the period commencing on the 1st May 1995 and ending on the 30th April 1997, be free of income tax.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (2) For the purposes of this section, a "qualifying deposit" shall be a deposit that is }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \endash \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 (a) }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 $200,000 or more; and \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (b)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 is on fixed or term deposit with a bank licensed pursuant to the Banking Act 1969, for a continuous period of not less than 6 months." \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par 3.}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Withholding tax imposed}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 -}{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 Section 105 of the principal Act is amended, by - \par }{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (a)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 repealing subsection (1); \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (b) deleting from subsection (2), the words "(2) Subject to paragraph (1)"; \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 (c)}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 }{ \fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 repealing subsection (3).}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid15684113 ---------------------------------}{\fs24\lang2057\langfe1033\langnp2057\insrsid9986820 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9986820 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid15684113 {\fs24\lang2057\langfe1033\langnp2057\insrsid9986820\charrsid9986820 This Act is administered by the Inland Revenue Department \par }}