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Cook Islands

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About

Cook Islands

Capital
Official languages
Population 
Currency

ISO 4217

Avarua

English and Cook Islands Māori

17,791

New Zealand Dollar

NZD

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Economy

The Cook Islands is a small nation located in the South Pacific Ocean. It has a population of approximately 17,000 people and a GDP of $400 million. The economy of the Cook Islands is largely dependent on tourism, which accounts for around 60% of the country’s GDP. The country also relies heavily on remittances from overseas workers, which account for around 20% of GDP. The Cook Islands also has a strong agricultural sector, which contributes around 10% of GDP. Fishing and forestry are also important industries in the Cook Islands, accounting for around 5% of GDP. The country has a low unemployment rate of around 4%, and the inflation rate is relatively low at around 2%. The Cook Islands has a strong banking sector, with the National Bank of the Cook Islands being the largest bank in the country. The Cook Islands also has a strong currency, the New Zealand dollar, which is pegged to the US dollar. Overall, the Cook Islands has a strong and stable economy, with a strong focus on tourism and remittances.

Taxation

The Cook Islands is a self-governing territory in free association with New Zealand, and its tax system is largely based on New Zealand's tax laws.


For individuals, income tax is progressive and ranges from 10% to 33%, depending on income levels. There are no social security contributions or capital gains taxes in the Cook Islands. The tax year runs from April 1st to March 31st of the following year, and tax returns are typically due by July 31st of the following year.


For corporations, the income tax rate is 20%, and there is no capital gains tax or withholding tax on dividends. However, there are a number of other taxes that may apply to businesses operating in the Cook Islands, such as a value-added tax (VAT) at a rate of 15%, payroll taxes, and stamp duties.


The Cook Islands has a simple tax system with relatively low tax rates, which is attractive for both individuals and businesses. The tax authority in the Cook Islands is the Revenue Management Division of the Ministry of Finance and Economic Management. Payment of taxes can be made at designated payment centers or through online channels.


Overall, the Cook Islands has a favorable tax environment, with a relatively simple tax system and low tax rates. Taxpayers are encouraged to seek advice from local tax advisors or government authorities for further information on tax obligations and requirements.

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