2 Jun 2017

Tax breaks coming in the Cook Islands

11:36 am on 2 June 2017

Amendments to Cook Islands tax laws are expected to be made next month.

The changes would allow government to write-off some tax debts and forgive companies or individuals any undeclared income.

Describing the changes as a tax amnesty the Finance minister Mark Browne said the government had made a commitment to waive any additional tax, but companies and individuals would still be obliged to pay the core tax owing.

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Photo: VNP / Daniela Maoate-Cox

Mr Browne also said there would be a slight reduction in income tax.

Tax on earnings from $NZ11,000 to $NZ30,000 will drop by half a percent, reducing the tax bracket to 17 percent.

Earnings of $NZ30,000 to $NZ80,000 will also be reduced by half a percent to 27 percent.

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