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The Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information

The Cook Islands signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (“MCAA”) in October 2015. The MCAA sets out the common reporting standard (“CRS”) to be followed by participating jurisdictions in regards to the AEOI.

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Income Tax (Automatic Exchange of Financial Account Information and Other Matters) Amendment Act 2016

The Income Tax (Automatic Exchange of Financial Account Information and Other Matters) Amendment Act 2016 (the “Amendment”) was passed into law on 26 September 2016. The primary purpose of the Amendment is to provide for the exchange of financial information in accordance with the CRS.

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Tax Information Exchange Agreements

The Cook Islands has entered into 21 bi-lateral Tax Information Exchange Agreements (“TIEAs”). TIEAs are based on an OECD model and are another tool designed to promote international co-operation in tax matters through the exchange of information.

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Foreign Account Tax Compliance Act

Cook Islands financial institutions have commenced providing information to the US IRS in regards to US account holders.

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