25 Aug 2011

Cook Islands parliament to meet to discuss new tax

9:04 am on 25 August 2011

The Cook Islands parliament is to meet this evening to discuss amendments to a controversial new tax before it is implemented on September the 1st.

MPs were to meet yesterday but this was delayed by the absence of the Queen's Representative Sir Frederick Goodwin.

He's been in New Zealand attending celebrations with the Maori King but is due back today.

The legislation is for a new withholding tax on bank deposits.

It is expected to generate an additional one million US dollars a year, but may be abolished after two years, if government debt from the last financial year is paid off.