Cook Islands : Technical Assistance Report-International Financial Services Industry.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Asia and Pacific Dept.

Series:

IMF Staff Country Reports; Country Report ; No. 2019/270

IMF Staff Country Reports

Language:

English

Physical Description:

1 online resource (38 pages)

Edition:

1st ed.

Place of Publication:

Washington, D.C. : International Monetary Fund, 2019.

Summary:

This technical assistance mission report underlines efforts to estimate the economic and revenue contributions of the international financial services industry in the Cook Islands. This report discusses the data and methodology used and presents the results. One matter that has been 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. The international financial services industry also contributes indirectly to gross domestic product through two channels. The first channel is through the goods and services that the industry purchases from other suppliers, such as electricity, accounting services, telecommunications, etc.

Contents:

Cover

CONTENTS

GLOSSARY

PREFACE

EXECUTIVE SUMMARY

BACKGROUND

COOK ISLANDS' FINANCE SECTOR

A. Cook Islands' Financial System

B. Financial Regulation and Supervision

C. International Financial Services Industry

MEASURING ECONOMIC ACTIVITY

CONTRIBUTION OF INTERNATIONAL FINANCIAL SERVICES TO GDP

A. Trustee Companies, Ship Registry, and FSC

B. FSDA

PURCHASES OF GOODS AND SERVICES

CONTRIBUTIONS TO OTHER SECTORS

A. Banking Services

B. Captive Insurance

C. Business Travel

TOTAL GDP CONTRIBUTION

CONTRIBUTION TO GOVERNMENT REVENUES

NET GDP AND REVENUE IMPACTS

FIGURES

1. Total Fleet by Flag of Registration and Dead Weight Tons

2. GDP of Trustee Companies, Ship Registry, and FSC and Exchange Rate

3. International Financial Services Industy: Number of Employees and Average Wage

4. Sales Exclusive of VAT and Company Income and Withholding Taxes

5. Average Wages in the Finance Sector

6. Distribution of Salaries and Wages in the Finance Sector in 2017

TABLES

1. Cook Islands' Financial System

2. Financial Services Legislation

3. Revenues of the Financial Supervisory Commission

4. International Corporate Entities

5. Cook Islands: Vessel Registrations and Gross Tonnage

6. GDP and Top Five Largest Industries

7. GDP Contribution of the Trustee Companies, Ship Registry, and FSC

8. FSDA Appropriations

9. GDP Contribution of the FSDA

10. Composition of Goods and Services Purchased by Trustee Companies

11. Industries' Value Added as Percent of Gross Turnover

12. GDP Contribution of International Financial Services Providers' Purchases

13. Indirect GDP Contribution: Banking Services

14. Indirect GDP Contribution: Captive Insurance

15. Indirect GDP Contribution: Business Travel

16. Total GDP Contribution of International Financial Services.

17. Other Government Revenues: Maritime Cook Islands and Financial Supervisory Commission

18. Tax Revenue: Trustee Companies, Ship Registry, FSC, and FSDA

19. Contributions of the International Financial Services Industry to Tax Revenues and GDP

20. Tax and Tax to GDP Ratio: International Financial Services Industry and Total Economy

21. Company Sales, Deductions, and Taxable Income

22. Total Tax Contribution of the International Financial Services Industry

23. Finance Sector: Number of Employees, Wages, and Average Wage by Wage Bracket in 2017

24. Estimated GDP Loss

25. Estimated Revenue Loss.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781513510897

1513510894

9781513510903

1513510908

OCLC:

48908350