12 Jun 2012

Cook Islands govt promises balanced budget, after earlier forecasting deficit

4:42 am on 12 June 2012

The Cook Islands government predicts it will balance its budget, after earlier projecting a deficit of more than 1.5 million US dollars.

The higher revenue is down to the increased departure tax, higher tobacco, alcohol and soft drinks, and last year's 15 percent withholding tax on accrued interest on bank accounts which will remain in place.

The Ministry of Finance and Economic Management is predicting a deficit next year.