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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16278664 \fs20\lang1033\langfe1033\cgrid\langnp1033\langfenp1033 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid16278664\charrsid16278664 LAWS OF COOK ISLAND}{
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24}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid2114377 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid2697208 _______________
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\par Title
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid8662078 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid2114377 1. Short title and commencement
\par 2. Special exemption for savings or deposits with Banks
\par 3. Special exemption in respect of gifts of money to charitable organisations
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16080228 {\fs24\lang2057\langfe1033\langnp2057\insrsid16080228 ________________}{\fs24\lang2057\langfe1033\langnp2057\insrsid2114377 
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16080228 {\b\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid1261135 2008, No.}{\b\fs24\lang2057\langfe1033\langnp2057\insrsid4088268  }{
\b\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid1261135 24
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\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid16080228 {\fs24\ul\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid16080228 An Act to amend the Income Tax Act 1997
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\par }{\b\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid4088268 BE IT ENACTED}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
 by the Parliament of the Cook Islands in Session assembled, and by the authority of the same as follows:}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 1. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid16080228 Short title and commencement}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
 - (1) This Act may be cited as the }{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135 I}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
ncome Tax Amendment Act 2008 and shall be read together with and deemed part of the Income Tax Act 1997 ("the principal Act").}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 (2) This Act is deemed to have come into force on }{\fs24\lang2057\langfe1033\langnp2057\insrsid808725 1}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
 January 2009.}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid16080228\charrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 2. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid2697208 Special exemption for savings or deposits with Banks}{
\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252  - Section 41 of the principal Act is amended by deleting subsection (1) and inserting the following new}{\fs24\lang2057\langfe1033\langnp2057\insrsid487477  section}{
\fs24\lang2057\langfe1033\langnp2057\insrsid3481865  }{\fs24\lang2057\langfe1033\langnp2057\insrsid487477 -}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
\par 
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"(1) For the purposes of assessing income tax for any income year that ends on or before 31 December 2013, every taxpayer who i}{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135 s }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
an individual natural person (not merely acting as}{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 trustee) and}{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 who earns}{\fs24\lang2057\langfe1033\langnp2057\insrsid487477  }{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
income by way of interest on deposits or savings with any Bank shall not be liable for in}{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135 come tax in respect of all such}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 
 income derived by that taxpayer in any such income year."
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\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12923464 3. }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid12923464 Special exempt}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12923464\charrsid12923464 ion in respect of gifts of money 
}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid12923464 to }{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid12923464\charrsid12923464 c}{\fs24\ul\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid12923464 ha}{
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\fs24\lang2057\langfe1033\langnp2057\insrsid2387577 ubs}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 ection (5) of Section 70 of the principal act is amended}{\fs24\lang2057\langfe1033\langnp2057\insrsid1261135  }{
\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 by deleting the words "religious, benevolent, philanthropical or cultural".}{\fs24\lang2057\langfe1033\langnp2057\insrsid14838252 
\par }{\fs24\lang2057\langfe1033\langnp2057\insrsid12923464 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid12923464 {\fs24\lang2057\langfe1033\langnp2057\insrsid12923464 ______________}{\fs24\lang2057\langfe1033\langnp2057\insrsid12923464\charrsid14838252 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14838252 {\fs24\lang2057\langfe1033\langnp2057\insrsid12923464 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid3481865 {\fs24\lang2057\langfe1033\langnp2057\insrsid14838252\charrsid14838252 This Act is administered by the Ministry of Finance and Economic Management
\par }}