7 Apr 2009

Cook Islands deputy PM says govt has responded to G20 communique

7:44 am on 7 April 2009

The Cook Islands Deputy Prime Minister, Sir Terepai Maoate, has responded to the communiqué issued recently by the G20 by pledging to push through tax sharing information legislation.

The communique called for more cooperation between nations in the sharing of information relevant to tax matters.

Sir Terepai said the Cook Islands had already made a commitment to the OECD that it would enter into agreements for the exchange of tax information in civil matters.

He says ministry officials have been in discussions with New Zealand Inland Revenue for some time to progress a Tax Information Exchange Agreement with New Zealand.

Sir Terepai has been advised that the legislative changes necessary to implement the agreement.

He says it should be ready for signing with New Zealand shortly after the legislative amendments have been passed.

Sir Terepai understands that Australia is also keen to enter into an agreement with the Cook Islands, but is waiting until the agreement with New Zealand has been entered into.