The Cook Islands Ministry of Finance and Economic Management has issued tax updates dated 19 February 2021 concerning the tax-free threshold (standard deduction) for individuals, important dates, and the treatment of Economic Response Package (ERP) payments.
Increase in the tax-free threshold
Regarding the tax-free threshold, which is a standard annual deduction, the update includes the following increases:
- For the tax year ended 31 December 2020, the deduction is increased from NZD 11,0…