Country information - ANZ in the Cook Islands

Country information

People

Population 12,300 (September 2007)
Languages: Cook Islands Maori & English

Geography

Cook Islands is located in the Oceania group of islands in the South Pacific Ocean. It is located about 3 ½ hour flight northeast of New Zealand or about 1 ½ hour flight southwest of Tahiti.

Economy

Currency: NZ Dollar (NZD)
GDP per capita (2006 estimate): USD 15,427
GDP growth (2007 estimate): 3.2%
Exports: Fish, pearls, pearl shell, coffee, tourism

Government

Government: Self-governing parliamentary democracy
Head of State: H.M. Queen, represented by H.E. Sir Frederick Goodwin

Exchange control

None

Taxation

Resident onshore companies are taxed at a rate of 28%
Foreign onshore companies are taxed at a rate of 28%
Companies incorporated under the offshore legislation are exempt from all tax
Personal tax is on a three-tiered rate
VAT is 12.5%; however banks are exempted as a financial service provider.