Cook Islands: Technical Assistance Report-International Financial Services Industry
IMF Staff Country Reports, August 14, 2019
Source details
- Canonical URL
- Cook Islands: Technical Assistance Report-International Financial Services Industry
Other formats
Bibliographic details
- Published: August 14, 2019
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9781513510880.002
Summary
- The technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands.
- The report discusses the data and methodology used and presents the results.
- One matter raised is that international companies are exempt from all taxes in the Cook Islands.
- The economic contribution of the international financial services industry can be measured by the value added of resident institutional units engaged, directly or indirectly, in the production of international financial services in the Cook Islands.
- The production of international financial services generates income which is distributed to the various agents or groups of agents who use that income to acquire goods and services for consumption now or later.
Economic contribution and channels to GDP
- Direct contribution: value added of resident institutional units engaged, directly or indirectly, in producing international financial services.
- Indirect contribution: the industry purchases goods and services from other suppliers, such as electricity, accounting services, telecommunications, etc., thereby contributing to gross domestic product through supplier linkages.
Data and methodology
- The report discusses the data and methodology used to estimate economic and revenue contributions (details of specific data sources and methodological steps are presented in the report).
Policy-relevant issues
- Tax treatment: international companies are exempt from all taxes in the Cook Islands, a matter highlighted in the report and relevant to revenue estimations and policy considerations.
Subjects and keywords
- Subject: Banking, Economic sectors, Financial services, Income tax systems, Labor, Services sector, Taxes, Value-added tax, Wages
- Keywords: Australia and New Zealand, Cook Islands trustee companies use, CR, financial services service industry, GDP contribution, Global, income tax, Income tax systems, ISCR, Services sector, taxable income, trustee company, Value-added tax, Wages
International Monetary Fund. Cook Islands: Technical Assistance Report-International Financial Services Industry (IMF Staff Country Reports 2019, 270).
Content in this bundle
- 1cokea2019001 — PREFACE