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Income Tax (Annual 1991) Act 1991

COOK ISLANDS

INCOME TAX (ANNUAL 1991) ACT 1991

ANALYSIS

Title
1. Short
2. Annual Taxing Act

Income Tax

3. Rates of income tax

Bonus Issue Tax

4. Rates of Bonus Issue Tax
5. Validation

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1991, No. 3

An Act to fix the rate of income tax and bonus issue tax for the year commencing on the 1st day of January 1991

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 1991) Act 1991 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 1991.

Income Tax

3. Rates of income tax - For the year commencing on the 1st day of January 1991 income tax shall be assessed, levied, and paid, pursuant to Part V of the principal Act, at the rate specified in the First Schedule to that Act (as amended by clause 5 of the Income Tax Amendment Act 1989).

Bonus Issue Tax

4. Rates of bonus Issue Tax - For the year commencing on the 1st day of January 1991 bonus issue tax shall be assessed, levied, and paid, pursuant to Part VIII of the principal Act, at the rate specified in clause 5 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 the 1st day of January 1991 is hereby validated and declared to be, and always to have been, lawfully assessed, levied, and paid.

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This Act is administered by the Inland Revenue Department.