Legal & Legislation

Legal & Legislation

Automatic Exchange of Information (AEOI)

Automatic Exchange of Information (AEOI)

Cook Islands Flag AEOI

In accordance with its commitment to AEOI under the OECD Common Reporting Standard (CRS), the Cook Islands has passed legislation to provide for the implementation of arrangements to exchange tax information; and passed regulations which include offences and impose a penalty regime in the event of a breach by any financial institution.

 

The Cook Islands passed the Income Tax (Automatic Exchange of Financial Account Information and Other Matters) Amendment Act 2016 and which came into force on 26 September 2016 which introduced the CRS into our domestic legislation.  Further provisions regarding the CRS are incorporated in the Income Tax Amendment Act 2017.

 

In 2017 the Income Tax (Automatic Exchange of Financial Account Information) Regulations 2017 came into force. The regulations provide a comprehensive overview of rules governing reporting under the CRS, and also provide consistency with section 96C (2) of the Income Tax Amendment Act 2017.

 

Further information on the CRS can be obtained from the OECD Global Forum AEOI portal at  http://www.oecd.org/tax/automatic-exchange/

 

The links to the legislation and regulations outline the obligations financial institutions hold under the CRS.