Signing of TIEAs between Cook Islands & the Nordic Countries plus Ireland

Earlier this month MP Tangata Vavia on behalf of the Cook Islands government signed 7 Tax Information Exchange Agreements (“TIEAs”) with the Nordic countries at the Danish Ambassador’s residence in Canberra. This follows the recent signing of a TIEA with Ireland by the previous Minister of Finance, Sir Terepai Maoate.
These signings were an important step for the Cook Islands in demonstrating its international cooperation on tax matters and to the principles of transparency and effective exchange of information. The entering into of these agreements is further evidence of the Cook Islands’ commitment to the OECD’s efforts in creating a level playing field in the international arena, encompassing the principals of transparency and effective exchange of information for tax purposes.
These signings make a total of 11 TIEAs entered into by the Cook Islands, just 1 short of the 12 required to be placed on the OECD’s list of jurisdictions that have substantially implemented the internationally agreed tax standard.
The Cook Islands has become a leading jurisdiction in the fight against money laundering with comprehensive laws and infrastructure now in place. According to the recently completed review by the Asia Pacific Group on Money Laundering the Cook Islands now ranks ahead of all other pacific countries, including both Australia and New Zealand, in compliance with international standards.
The TIEAs allow for these countries and the Cook Islands to request information from each other where a specific taxpayer is under investigation, and where there is reason to believe that relevant information is held in the other country.

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