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\qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 \fs20\lang2057\langfe5129\cgrid\langnp2057\langfenp5129 {\b\fs24\insrsid1056733 COOK ISLANDS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\b\fs24\insrsid1056733 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\b\fs24\insrsid1056733 TURNOVER TAX AMENDMENT ACT}{\b\fs24\insrsid8800547  }{\b\fs24\insrsid1056733 1987
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\b\fs24\insrsid1056733 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733 ANALYSIS
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733 
\par Title
\par 1. Short Title and commencement
\par 2. Rate of turnover tax
\par 3. Exemption from turnover tax
\par 4. Savings
\par 5. Repeal
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733 --------------------------------}{\fs24\insrsid1056733\charrsid1056733 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1056733 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid7605624 {\b\fs24\insrsid7605624 1987, No. 14
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid7605624 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1929881 {\fs24\ul\insrsid1056733\charrsid1056733 An Act to amend the Turnover Tax Act 1980
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1056733 
\par }\pard \qr \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733 (19 August 1987)
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 1.}{\fs24\insrsid1056733  }{\fs24\ul\insrsid14286954 Short }{\fs24\ul\insrsid1056733\charrsid1056733 Title and commencement}{\fs24\insrsid1056733  - }{\fs24\insrsid1056733\charrsid1056733 (1)}{\fs24\insrsid1056733  }
{\fs24\insrsid1056733\charrsid1056733 This Act}{\fs24\insrsid1056733  }{\fs24\insrsid1056733\charrsid1056733 may}{\fs24\insrsid1056733  }{\fs24\insrsid1056733\charrsid1056733 be cited as }{\fs24\insrsid14286954 the Turnover Tax Amendment Act 1}{
\fs24\insrsid1056733\charrsid1056733 987 and shall be read together with and deemed part of the Turnover Tax Act 1980 (hereinafter referred to as "the principal Act").}{\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 
\par (2) Section 2 of this Act shall come into force on the first day of October 1987, and all other sections shall come into force on the day this Act is assented to.}{\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 
\par 2. }{\fs24\ul\insrsid1056733\charrsid1056733 Rate of turnover tax}{\fs24\insrsid1056733\charrsid1056733  }{\fs24\insrsid1056733 -}{\fs24\insrsid1056733\charrsid1056733  Sections 18 to 26 (i
nclusive of those sections) and section 28 or the principal Act are amended by deleting the expression "6%" wherever it occurs and substituting "10%".}{\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 
\par 3. }{\fs24\ul\insrsid1056733\charrsid1056733 Exemption from turnover tax}{\fs24\insrsid1056733\charrsid1056733  }{\fs24\insrsid1056733 -}{\fs24\insrsid1056733\charrsid1056733  The principal Act is}{\fs24\insrsid1056733  }{
\fs24\insrsid1056733\charrsid1056733 amended by repealing section 35A (as inserted by section 9 of the Turnover Tax Amendment Act 1984}{\fs24\insrsid1056733 -}{\fs24\insrsid1056733\charrsid1056733 85) and substituting the following section:}{
\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 "35A. }{\fs24\ul\insrsid1056733\charrsid1056733 Exemption from Turnover Tax}{\fs24\insrsid1056733\charrsid1056733  }{
\fs24\insrsid1056733 - (1}{\fs24\insrsid1056733\charrsid1056733 ) The Minister}{\fs24\insrsid1056733  }{\fs24\insrsid1056733\charrsid1056733 may from time to time where any new industry or enterprise is established in the Cook Islands, or where any in
dustry or enterprise in the Cook Islands is materially expanded, or where any person invests money in the Cook Islands, and the Minister is satisfied that such establishment, expansion or investment as the case may be will contribute to the economic devel
opment of the Cook Islands, he may issue a turnover tax variation certificate exempting the person or persons contributing to the establishment or expansion of that industry,}{\fs24\insrsid1056733  or undertaking that investment}{
\fs24\insrsid1056733\charrsid1056733  and that person}{\fs24\insrsid1056733  }{\fs24\insrsid1056733\charrsid1056733 shall be entitled to such exemptions in respect of tu}{\fs24\insrsid14286954 rnover tax on the gross income }{
\fs24\insrsid1056733\charrsid1056733 derived whether directly or indirectly, from that industry, enterprise or investment as are specified in the certificate.
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid14286954 {\fs24\insrsid14286954 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
(2) The Minister shall refer all applications for exemptions under this section to the Cabinet and shall have regard to any recommendations made by the Cabinet when issuing or declining to issue a certificate under this section.}{\fs24\insrsid1056733 

\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1056733 {\fs24\insrsid1056733 (3) Exemptions granted b}{\fs24\insrsid1056733\charrsid1056733 y 
the Minister under the authority of this section may take the form of exemption of all or part of the gross income from turnover}{\fs24\insrsid14286954  }{\fs24\insrsid1056733\charrsid1056733 tax, reduction in the rates of turnover tax}{
\fs24\insrsid1056733  }{\fs24\insrsid1056733\charrsid1056733 on all or part of the gross income, partial or total exemption from payment of tu
rnover tax or may be in such other form as the Minister considers desirable and appropriate to the particular case.}{\fs24\insrsid1056733 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
(4) A certificate issued under this section shall specify the period during which any exemption is to apply, and the period as specified may from time to time be extended by the Minister by a subsequent certificate.}{\fs24\insrsid1056733 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
\par }\pard \ql \li720\ri0\widctlpar\faauto\adjustright\rin0\lin720\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
(5) Any certificate issued under this section may be made upon or subject to such conditions as the Minister thinks fit and may at any time be revoked by the Minister if the taxpayer fails to comply with any such conditions."}{\fs24\insrsid1056733 
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0 {\fs24\insrsid1056733\charrsid1056733 
\par 4. }{\fs24\ul\insrsid1056733\charrsid1056733 Savings}{\fs24\insrsid1056733\charrsid1056733  }{\fs24\insrsid1056733 -}{\fs24\insrsid1056733\charrsid1056733  }{\fs24\insrsid14286954 W}{\fs24\insrsid1056733\charrsid1056733 
ithout limiting any other provision of this Act it is hereby declared that every Order in Executive Council, every document made, and every thing done under section 35A of the principal Act at 
any time prior to the coming into force of this Act shall have been validly and effectually made and done, and every Order so made shall continue in force upon the same terms and conditions as it was originally made, as if it were made pursuant to the pro
visions of section 3 of this Act.}{\fs24\insrsid1056733 
\par }{\fs24\insrsid1056733\charrsid1056733 
\par 5. }{\fs24\ul\insrsid1056733\charrsid1056733 Repeal}{\fs24\insrsid1056733\charrsid1056733  }{\fs24\insrsid1056733 -}{\fs24\insrsid1056733\charrsid1056733  Subsection (2) of section 53 of the principal Act is hereby repealed.}{\fs24\insrsid1056733 
\par 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733 ----------------------------------
\par }\pard \ql \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 
\par }\pard \qc \li0\ri0\widctlpar\faauto\adjustright\rin0\lin0\itap0\pararsid1056733 {\fs24\insrsid1056733\charrsid1056733 This Act is administered by the Department of Inland Revenue.
\par }}