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\li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 ANALYSIS}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }{\fs24\insrsid13129075\charrsid13321204 Title}{\fs24\insrsid10033778 \par }{\fs24\insrsid10033778\charrsid13321204 1.}{\fs24\insrsid10033778 }{\fs24\insrsid10033778\charrsid13321204 Short Title and commencement}{\fs24\insrsid10033778 \par }{\fs24\insrsid13129075\charrsid13321204 2.}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 Deductions for repair maintenance }{\fs24\insrsid10033778 and depreciation \par }{\fs24\insrsid13129075\charrsid13321204 Schedule \par }{\fs24\insrsid10033778 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\fs24\insrsid10033778 ------------------------------------------ \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\b\fs24\insrsid13129075\charrsid10033778 1997, No. 5 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid9112723 {\fs24\ul\insrsid13129075\charrsid10033778 An Act to amend the Income Tax Act 1972 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778 \par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (}{\i\fs24\insrsid13129075\charrsid10033778 25 March 1997}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }{\b\fs24\insrsid13129075\charrsid8867503 BE IT ENACTED}{\fs24\insrsid13129075\charrsid13321204 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:}{\fs24\insrsid13129075 \par }{\fs24\insrsid10033778\charrsid13321204 \par }{\fs24\insrsid13129075\charrsid13321204 1.}{\fs24\insrsid13129075 }{\fs24\ul\insrsid13129075\charrsid10033778 Short Title and commencement}{\fs24\insrsid13129075 -}{\fs24\insrsid13129075\charrsid13321204 (1) This Act may be cited as the Income Tax Amendment Act 1997 and shall be read together with and deemed part of the Income Tax Act 1972 (hereinafter referred to as "the principal Act").}{\fs24\insrsid13129075 \par }{\fs24\insrsid10033778\charrsid13321204 \par }{\fs24\insrsid13129075\charrsid13321204 (2)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 This Act shall come into force on the 1st day of April 1997.}{\fs24\insrsid13129075 \par }{\fs24\insrsid10033778\charrsid13321204 \par }{\fs24\insrsid13129075\charrsid13321204 2.}{\fs24\insrsid13129075 }{\fs24\ul\insrsid13129075\charrsid10033778 Deductions for repair maintenance and depreciation}{\fs24\insrsid13129075 -}{\fs24\insrsid13129075\charrsid13321204 Section 65 of the principal Act is hereby amended by inserting the following subsections after subsection (4)}{\fs24\insrsid12280637 -}{\fs24\insrsid10033778 \par \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 "(5) Notwithstanding the actual useful life of the asset, in calculating the deduction which the Collector allows under the final proviso to subsection (1) on account of depreciation}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 of an asset used in the production of income, the annual rate of depreciation will be one hundred percent (100%) of the asset acquired by the taxpayer on or after 1 April 1997, and has not been used or held for use in the Cook Islands, other than as trading stock, by any person before the date upon which the taxpayer acquired it.}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (6)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 Subsection (5) will not apply in respect of assets }{ \fs24\insrsid9112723 -}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (a)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 listed in the Fifth Schedule; or}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \ql \li1440\ri0\widctlpar\faauto\adjustright\rin0\lin1440\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (b)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 used or held for use by the taxpayer as part of a business if, in respect of the income derived by the taxpayer from the business in the year in which the asset is acquired, the taxpayer is entitled to an income tax concession under }{ \fs24\insrsid13129075 - \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9112723 {\fs24\insrsid9112723\charrsid13321204 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (i)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 section 63; or}{\fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \ql \li2160\ri0\widctlpar\faauto\adjustright\rin0\lin2160\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 (ii)}{\fs24\insrsid13129075 }{\fs24\insrsid13129075\charrsid13321204 Part VII of the Development Investment Board Act 1996".}{ \fs24\insrsid13129075 \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\fs24\insrsid10033778 ------------------------------------------- \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\fs24\insrsid13129075\charrsid13321204 This Act is administered by the Ministry of Finance and Economic Management \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\b\fs24\insrsid13129075\charrsid528238 SCHEDULE \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid9112723 {\fs24\ul\insrsid10033778\charrsid9112723 \par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid10033778 {\b\fs24\ul\insrsid13129075\charrsid10033778 Fifth Schedule \par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid13129075 {\fs24\insrsid10033778\charrsid13321204 \par }{\fs24\ul\insrsid13129075\charrsid10033778 Assets not eli}{\fs24\ul\insrsid10033778\charrsid10033778 g}{\fs24\ul\insrsid13129075\charrsid10033778 ible for 100% depreciation rate \par }{\fs24\ul\insrsid10033778\charrsid10033778 \par }{\fs24\insrsid13129075\charrsid13321204 Buildings principally used for private residential or ancillary 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