Financial Secretary Office News

Financial Secretary Office News

Future Direct Access to Climate Change Funding

 Future Direct Access to Climate Change Funding 

The Ministry of Finance and Economic Management is pleased to announce that the Cook Islands Government has contracted the Frankfurt School of Finance and Management to assist in the preparation of an application for direct access to the Adaptation Fund.  The Adaptation Fund finances adaptation programs in developing countries who are party to the Kyoto Protocol and vulnerable to the adverse affects of climate change.
The first step in this process is a stakeholder workshop to be held early next year on 16 February 2014.  

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Legislative Changes to Improve Disclosure in the Financial Services Industry

The Cook Islands Parliament recently passed a number of bills related to the financial services industry which will assist companies in the industry to meet the requirements of the United States of America Foreign Account Tax Compliance and the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes.

Provision of Customer Information Bill

The Provision of Customer Information Act 2013 removes legislative barriers which currently prevent Banks and Trust Companies operating in the Cook Islands from providing to the tax authorities of other countries information relating to their citizens. The legislation will only apply in respect of those countries prescribed by legislation. It is the Government's intention immediately to identify the United States of America and Australia as countries to which this legislation applies and so enable disclosure by banks and trust companies to the Inland Revenue Service (IRS) in the United States and the Australian Taxation Office (ATO) in Australia.

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MFEM Release Details on Staff Travel for 2013 and Annual Report for 2012/13

MFEM has released details of staff travel for 2013 and the annual report which was presented to the public service commissioner for 2012/13.

Staff Travel 2013pdf20131120_Staff_Travel_2013.pdf243.9 KB

Annual Report 2012/13