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{\creatim\yr2007\mo10\dy22\hr10\min48}{\revtim\yr2008\mo7\dy8\hr16\min9}{\version18}{\edmins26}{\nofpages2}{\nofwords272}{\nofchars1553}{\nofcharsws1822}{\vern16393}{\*\password 00000000}}{\*\xmlnstbl {\xmlns1 urn:schemas-microsoft-com:office:smarttags}} \paperw12240\paperh15840\margl1440\margr1440\margt1440\margb1440\gutter0 \widowctrl\ftnbj\aenddoc\grfdocevents0\noxlattoyen\expshrtn\noultrlspc\dntblnsbdb\nospaceforul\subfontbysize\formshade\horzdoc\dghspace120\dgvspace120\dghorigin1701\dgvorigin1984 \dghshow0\dgvshow3\jcompress\viewkind4\viewscale150\pgbrdrhead\pgbrdrfoot\nolnhtadjtbl\rsidroot13052168 \fet0{\*\wgrffmtfilter 013f}\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\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\insrsid5588429\charrsid5588429 {\*\xmlopen\xmlns1{\factoidname PlaceName}}{\*\xmlopen\xmlns1{\factoidname place}}COOK{\*\xmlclose} {\*\xmlopen\xmlns1{\factoidname PlaceType}}ISLANDS{\*\xmlclose}{\*\xmlclose} \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\b\fs24\insrsid5588429\charrsid5588429 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid667754 {\b\fs24\insrsid667754 No. 11 of 2005 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid667754 {\b\fs24\insrsid667754 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\b\fs24\insrsid5588429\charrsid5588429 INCOME TAX AMENDMENT ACT 2005 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid1272550 {\b\fs24\insrsid7746104 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid7094364\charrsid9900521 \par }{\fs24\insrsid5588429 Examined and certified by: }{\fs24\insrsid7094364\charrsid9900521 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\fs24\insrsid5588429 Clerk of the Parliament}{\fs24\insrsid7094364\charrsid9900521 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid7094364\charrsid9900521 \par In the name and on behalf of Her Majesty Queen Eli}{\fs24\insrsid5588429 za}{\fs24\insrsid7094364\charrsid9900521 beth the Second I hereby assent to}{\fs24\insrsid2971993 }{\fs24\insrsid7094364\charrsid9900521 this Act this }{ \fs24\insrsid5588429\charrsid667754 10th}{\fs24\insrsid7094364\charrsid667754 }{\fs24\insrsid7094364\charrsid9900521 day of }{\fs24\insrsid5588429\charrsid667754 October}{\fs24\insrsid5588429 }{\fs24\insrsid7094364\charrsid9900521 2005}{ \fs24\insrsid14756017 .}{\fs24\insrsid7094364\charrsid9900521 \par \par }\pard \qc \li6480\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin6480\itap0\pararsid6578795 {\fs24\insrsid5588429\charrsid14756017 SIR. F. GOODWIN}{\fs24\insrsid14756017 \par }\pard \qc \li6480\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin6480\itap0\pararsid5588429 {\fs24\insrsid5588429 Queen's}{\fs24\insrsid7094364\charrsid9900521 Representative \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\b\fs24\insrsid7094364\charrsid6570939 ANALYSIS \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }{\fs24\insrsid7094364\charrsid9900521 Title \par }{\fs24\insrsid5588429 1. }{\fs24\insrsid7094364\charrsid9900521 Short title and commencement }{\fs24\insrsid5588429 \par 2. }{\fs24\insrsid7094364\charrsid9900521 100% depreciation rate for new property \par }{\fs24\insrsid5588429\charrsid9900521 3. Amount of provisional tax}{\fs24\insrsid5588429 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid6578795 {\fs24\insrsid5588429 ___________}{\fs24\insrsid6578795\charrsid9900521 \par }\pard \ql \li720\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin720\itap0\pararsid5588429 {\fs24\ul\insrsid6578795 \par }{\fs24\ul\insrsid5588429\charrsid5588429 An Act to amend the Income Tax Act 1997 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }{\b\fs24\insrsid7094364\charrsid5588429 BE IT ENACTED}{\fs24\insrsid7094364\charrsid9900521 by the Parliament of the {\*\xmlopen\xmlns1{\factoidname PlaceName}}Cook Islands{\*\xmlclose} in Session assembled, and by the authority of the same as follows: \par }{\fs24\insrsid5588429 \par 1}{\fs24\insrsid7094364\charrsid9900521 . }{\fs24\ul\insrsid7094364\charrsid7946606 Short title and commencement}{\fs24\insrsid7094364\charrsid9900521 - (1) This Act may}{\fs24\insrsid15152422 }{\fs24\insrsid7094364\charrsid9900521 be cited as the Income Tax Amendment Act 2005 and shall be read together with and deemed part of the Income Tax Act 1997 ("the principal Act"). \par }{\fs24\insrsid5588429 \par }{\fs24\insrsid7094364\charrsid9900521 (2) This Act shall come into force on {\*\xmlopen\xmlns1{\factoidname PlaceName}}1 January 2006{\*\xmlclose}. \par }{\fs24\insrsid5588429 \par }{\fs24\insrsid7094364\charrsid9900521 2. }{\fs24\ul\insrsid7094364\charrsid7946606 100% depreciation rate for new property}{\fs24\insrsid7094364\charrsid9900521 - Section 45(2) of the principal Act is amended by - \par }{\fs24\insrsid5588429 \par }\pard \ql \li720\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin720\itap0\pararsid1919247 {\fs24\insrsid7094364\charrsid9900521 (a) adding at the end of paragraph (b)(ii) the text "; or"; and \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }\pard \ql \li720\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin720\itap0\pararsid1919247 {\fs24\insrsid7094364\charrsid9900521 (b) adding after paragraph (b) the following new paragraphs: \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }\pard \ql \li1440\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin1440\itap0\pararsid1919247 {\fs24\insrsid7094364\charrsid9900521 "(c) acquired after {\*\xmlopen\xmlns1{\factoidname PlaceName}}31 December 2005{\*\xmlclose} and principally used or based in the {\*\xmlopen\xmlns1{\factoidname PlaceName}}{\*\xmlopen\xmlns1{\factoidname PlaceName}}island{\*\xmlclose} of {\*\xmlopen\xmlns1{\factoidname PlaceName}}Rarotonga{\*\xmlclose}{\*\xmlclose}; or \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }\pard \ql \li1440\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin1440\itap0\pararsid7946606 {\fs24\insrsid7094364\charrsid9900521 (d) acquired after 31December 2010." \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid9900521 {\fs24\insrsid5588429 \par }{\fs24\insrsid7094364\charrsid9900521 3. }{\fs24\ul\insrsid7094364\charrsid7946606 Amount of provisional tax}{\fs24\insrsid7094364\charrsid9900521 - Section 175(3) of the principal Act is amended by inserting after the words "fi rst mentioned income year." the following proviso - \par }{\fs24\insrsid5588429 \par }\pard \ql \li720\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin720\itap0\pararsid1272550 {\fs24\insrsid7094364\charrsid9900521 "Provided that where the income tax assessable, after deducting from that amount the amount (if any) of any tax deductions or withholding tax made from any source deduction payments or withholding income included in the income derived in relation to the first mentioned income year does not exceed $20,000, the expression "base year" means the first mentioned income year."}{\fs24\insrsid7094364 \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid1272550 {\fs24\insrsid1272550 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\fs24\insrsid5588429 ___________________ \par }\pard \ql \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid12399785 {\fs24\insrsid4730404 \par }\pard \qc \li0\ri360\widctlpar\wrapdefault\faauto\adjustright\rin360\lin0\itap0\pararsid5588429 {\fs24\insrsid4730404 This Act is administered by the Ministry of Finance and Economic Management}{\fs24\insrsid4730404\charrsid9900521 \par }}