MFEM Cook Islands Infrastructure Trust Fund

Organization : Ministry of Finance & Economic Management (MFEM)
Facility : Cook Islands Infrastructure Trust Fund
Country : Cook Islands
Website : https://www.mfem.gov.ck/cook-islands-infrastructure-trust-fund

What is Cook Islands Infrastructure Trust Fund?

The Infrastructure Trust Fund (ITF) is a mechanism whereby the New Zealand Government can provide support to the Cook Islands Government (CIG) in implementing infrastructure investment. The trust fund, at any time and from time to time, consist of initial and subsequent amounts settled upon the Cook Islands Infrastructure Trust Fund by New Zealand, Cook Islands and other donors and investment returns, less distributions from the trust fund made or authorised by the Trustee under the Policy Arrangement.

Related / Similar Facility : MFEM Cook Islands Online Tax Payment

Purpose of Cook Islands Infrastructure Trust Fund

** Investing in physical infrastructure to deliver essential services to Cook Islanders;
** Facilitating implementation of the National Infrastructure Investment Pipeline or Medium-Term Fiscal Strategy; and
** Supporting capability development of Cook Islands infrastructure sector across government and the private sector

Beneficiaries of Cook Islands Infrastructure Trust Fund

The beneficiaries of the Cook Islands Infrastructure Trust Fund are the people of the Cook Islands, represented by the CIG.

Perpetuity Period of Cook Islands Infrastructure Trust Fund

** The perpetuity period for the Cook Islands Infrastructure Trust Fund is 80 years starting on the date the Cook Islands Infrastructure Trust Fund comes into existence as a statutory trust under Part X of the MFEM Act).
** This Policy Arrangement may be varied or supplemented only by a written document which refers to this provision and is signed for and on behalf of the GoNZ by MFAT and for and on behalf of the CIG by MFEM.
** The CIG will not instigate, introduce, adopt, promote or support any change, from its form and effect as at 18 December 2019, to Part X of the MFEM Act or any measure within that Part — whether directly or indirectly – without first consulting with the GoNZ

Taxation of Cook Islands Infrastructure Trust Fund

The Cook Islands Infrastructure Trust Fund will be subject to Cook Islands tax law as applicable at any time.

Reporting, Accounting, Audit & Inspection

The trustee will arrange for each of the following to be prepared for the Cook Islands Infrastructure Trust Fund within 90 days after the end of its financial year:
** an annual report for the financial year just ended;
** annual financial statements for the financial year just ended;
** a work plan and budget for the subsequent financial year;
** an acquittal statement for the financial year just ended;
** progress reports upon and information about each of the projects or activities (each a relevant project) in respect of which the Cook Islands Infrastructure Trust Fund has made, or has decided to make, a distribution; and
** documents and information in respect of particular activities of the Cook Islands

Note:
Infrastructure Trust Fund for the financial year just ended as requested by CIG, GoNZ or the Steering Committee.

Each report, statement, plan budget or document referred to in this Reporting, Accounting, Audit and Inspection section will:
** include any documents or information requested by CIG, GoNZ or the SteeringCommittee; and
** be provided to CIG, GoNZ and the Steering Committee promptly after being completed.

Note:
CIG, GoNZ or the Steering Committee may request, and the trustee promptly will provide (and require the Secretariat to provide), a report on and access to documents and information about, the Cook Islands Infrastructure Trust Fund, the trust fund or a relevant project at any time