International Agreements

International Agreements

Automatic Exchange of Information (AEOI)

Cook Islands Flag AEOIIn accordance with its commitment to AEOI under the OECD Common Reporting Standard (CRS), the Cook Islands has passed legislation to provide for the implementation of arrangements to exchange tax information; and passed regulations which include offences and impose a penalty regime in the event of a breach by any financial institution.

The Cook Islands passed the Income Tax (Automatic Exchange of Financial Account Information and Other Matters) Amendment Act 2016 and which came into force on 26 September 2016 which introduced the CRS into our domestic legislation. Further provisions regarding the CRS are incorporated in the Income Tax Amendment Act 2017.

In 2017 the Income Tax (Automatic Exchange of Financial Account Information) Regulations 2017 came into force. The regulations provide a comprehensive overview of rules governing reporting under the CRS, and also provide consistency with section 96C (2) of the Income Tax Amendment Act 2017.

 

Further information on the CRS can be obtained from the OECD Global Forum AEOI portal at:

http://www.oecd.org/tax/automatic-exchange/

RMD provides a Common Reporting Standard CRS portal to enable Financial Institutions to register and submit their CRS reports with RMD under the OECD AEOI Global Forum program. CRS reports contain financial information that is required to be exchanged with tax authorities outside the Cook Islands within the OECD AEOI Global forum program.  Please click on the following link to file a CRS report with the Cook Islands tax authority. https://crs.cookislands.gov.ck/

 

Cook Islands AEOI Guidelines

AEOI Participating Jurisdictions - Cook Islands. Updated 25 May 2018 

AEOI Reportable Jurisdictions - Cook Islands. Updated 27 May 2018

Updated: 01.08.2018 (PD)

Last Updated: 01 August 2018

Tax Information Exchange Agreements

List of Tax Information Exchange Agreements (TIEAs) signed by the Cook Islands as at September 2015:

 

 Jurisdiction Type of Eol Arrangement Date Signed Date Entered Into Force
         
1 Australia TIEA 27-Oct-09 02-Sep-11
2 Belgium TIEA 8-Sep-15 18-Dec-15
3 Canada TIEA 15-Jun-15 16-Dec-17
4 Czech Republic TIEA  24-Feb-15  10-May-16
5 Denmark TIEA 16-Dec-09 02-Oct-11
6 Faroe Islands TIEA 16-Dec-09 12-Nov-13
7 Finland TIEA 16-Dec-09 02-Oct-11
8 France TIEA 15-Sep-10 16-Oct-11
9 Germany TIEA 03-Apr-12 11-Dec-13
10 Greece TIEA 12-Feb-13 not yet in force
11 Greenland TIEA 16-Dec-09 10-Jan-13
12 Iceland TIEA 16-Dec-09 25-Jun-12
13 Ireland TIEA 08-Dec-09 02-Sep-11
14 Italy TIEA 17-May-11 17-02-15
15 Korea TIEA 31-May-11 05-Mar-12
16 Mexico TIEA 22-Nov-10 02-Mar-12
17 Netherlands TIEA 23-Oct-09 07-Sep-11
18 New Zealand TIEA 09-Jul-09 13-Dec-11
19 Norway TIEA 16-Dec-09 06-Oct-11
20 South Africa TIEA 25-Oct-13 08-Jan-15
21 Sweden TIEA 16-Dec-09 06-Dec-11
       

Global Forum

The Cook Islands is a member of the Global Forum on Transparency and Exchange of Information for Tax Purposes. Please click here to review our Global Forum webpage.

Phase 1 Peer Review Report - Executive Summary

Phase 2 Peer Review Report  - Executive Summary

Competent Authority

Xavier Mitchell
PO Box 120
Rarotonga
COOK ISLANDS
Phone: + 682 29365
Email: xavier.mitchell@cookislands.gov.ck

Updated: 25.05.2020 (PD)