(June 22, 2015)

The Canadian Department of Finance has issued a press release announcing that Canada and the Cook Islands have signed a Tax Information Exchange Agreement (the Agreement). According to the press release issued, the Agreement was signed on June 15, 2015. Although the Agreement has been signed, the Agreement has not entered into force yet. The Agreement will enter into force after both countries have finalized their respective ratification procedures.

Based on paragraph 1 of Article 3 of the TIEA the taxes which are the subject of this Agreement are:

(a)    in Canada, all taxes imposed or administered by the Government of Canada;

(b)    in the Cook Islands, all taxes imposed or administered by the Government of the Cook Islands.

Paragraph 2 of Article 3 of the TIEA determines the Agreement shall also apply to any identical or substantially similar taxes that are imposed after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting Parties shall notify each other of any significant changes that have been made in the taxation laws of their Contracting Parties.

Article 5 of the TIEA contains regulations regarding the Exchange of Information upon Request, Article 6 contains regulations regarding the Possibility of Conducting Tax Examinations Abroad, Article 7 contains regulations regarding the Possibility of Declining a Request, Article 11 contains regulations regarding a Mutual Agreement.

For further information click here to be forwarded to the text of Agreement Between Canada and the Cook Islands for the Exchange of Information on Tax Matters as available on the website of the Canadian Department of Finance.

Copyright – internationaltaxplaza.info

Stay informed: Subscribe to International Tax Plaza’s Newsletter!

and

Follow International Tax Plaza on Twitter (@IntTaxPlaza)