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 11,000 to NZD 12,800; and For the tax year ending 31 December 2021, the deduction is increased from NZD 12,800 to NZD 14,600. Important dates Important upcoming dates in...