Some Westpac Cook Islands customers say they are considering cancelling their accounts, following last week’s announcement that the bank’s Cook Islands operations will be sold to Bank of South Pacific Limited.
With a budget policy statement, new tax systems, new coin designs, and a development partners meeting in the pipeline it is fair to say the Ministry of Finance and Economic Management has a big year ahead.
Westpac has entered into an agreement to sell its banking operations in the Cook Islands, Samoa, Solomon Islands, Vanuatu and Tonga to the Bank of South Pacific Limited (BSP) for A$125 million.
From February 2 this year the Cook Islands High Commission in Wellington will no longer process documents related to the employment of citizens of the Philippines in the Cook Islands.
Treasurer Andrew Haigh has moved to clarify the withholding tax system in the Cook Islands after a story in the Cook Islands Herald claimed withholding tax of 30 per cent would apply on interest earned on bank deposits in the Cook Islands.