Cook Islands: Technical Assistance Report-International Financial Services Industry

August 14, 2019

Preview Citation

Format: Chicago

Cook Islands: Technical Assistance Report-International Financial Services Industry, (USA: International Monetary Fund, 2019) accessed November 14, 2024

Summary

This technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands. This report discusses the data and methodology used and presents the results. One matter that has been raised is that international companies are exempt from all taxes in the Cook Islands. The economic contribution of the international financial services industry can be measured by the value added of resident institutional units engaged, directly or indirectly, in the production of international financial services in the Cook Islands. The production of international financial services generates income which is distributed to the various agents or groups of agents who use that income to acquire goods and services for consumption now or later. The international financial services industry also contributes indirectly to gross domestic product through two channels. The first channel is through the goods and services that the industry purchases from other suppliers, such as electricity, accounting services, telecommunications, etc.

Subject: Banking, Economic sectors, Financial services, Income tax systems, Labor, Services sector, Taxes, Value-added tax, Wages

Keywords: Australia and New Zealand, Cook Islands trustee companies use, CR, Financial services service industry, GDP contribution, Global, Income tax, Income tax systems, ISCR, Services sector, Taxable income, Trustee company, Value-added tax, Wages

Publication Details

Pages:

37
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2019/270
Stock No:

1COKEA2019001
ISBN:

9781513510880
ISSN:

1934-7685

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