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Income Tax (Annual 1984) Act 1984

COOK ISLANDS

INCOME TAX (ANNUAL 1984) ACT 1984

ANALYSIS

Title
1. Short Title
2. Annual Taxing Act

INCOME TAX
3. Rates of income tax for the year commencing 1 January 1984

BONUS ISSUE TAX
4. Rates of Bonus Issue Tax for year commencing 1 January 1984
5. Validation
Schedule

1984, No. 12

An Act to fix the rates of income tax and bonus issue tax for the year commencing on the 1st day of January 1984.

(28 September 1984

BE IT ENACTED by the Parliament of the Cook Islands in Session assembled, and by the authority of the same, as follows:

1. Short Title

This Act may be cited as the Income Tax (Annual 1984) Act 1984 and shall be read together with and deemed part of the Income Tax Act 1972 (hereinafter referred to as the principal Act).

2. Annual Taxing Act

For the purposes of the principal Act, this Act shall be deemed to be an annual taxing Act fixing the rates of income tax and bonus issue tax for the year that commenced on the 1st day of January 1984.

INCOME TAX

3. Rates of income tax for the year commencing 1 January 1984

(1) Subject to this section for the year commencing on the 1st day of January 1984, income tax shall be assessed levied and paid, pursuant to Part V of the principal Act, at the rates specified in the First Schedule to this Act.

(2) For taxable incomes of $30,000 and greater, the tax assessed on income derived in the income year that commenced on the 1st day of January 1984 shall be calculated in accordance with the following formula-

A + B
2

Where -

(3) This section shall not apply to-

(a) Any income tax where the amount of that income tax is determined exclusively and finally pursuant to any provision of Part X or Part XI of the Principal Act; and
(b) Any non-resident with-holding tax.

BONUS ISSUE TAX

4. Rates of Bonus Issue Tax for the year commencing on the 1 January 1984

For the year commencing on the 1st day of January 1984, bonus issue tax shall be assessed, levied and paid, pursuant to Part VIII of the principal Act, at the rate specified in Clause 6 of Part A of the First Schedule to that Act.

5. Validation

All income tax and all bonus issue tax assessed, levied and paid for the year commencing on 1st day of January 1984, is hereby validated and declared to be, and always to have been, lawfully assessed, levied and paid.

This Act is administered in the Inland Revenue Department

RAROTONGA, COOK ISLANDS: - Printed under the authority of the Cook Islands Government, by T. KAPI, Government Printer - 1984

FIRST SCHEDULE

Section 3 (1)