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Initiative approved in principle

WELLINGTON, New Zealand (Radio New Zealand International, Dec. 1, 2008) – A scheme which will see tax rebates on the purchase of solar panels and water tanks by home owners has been approved in principle by the Cook Islands Cabinet.

Details of the scheme are still being worked out, but it is likely that it will be handled by the new Ministry of Works and Infrastructure.

The Finance Minister, Sir Terepai Maoate, says the tax rebate initiative is designed to assist homeowners.

Sir Terepai says he is very pleased that Cabinet appreciated the benefits of the scheme and has given it support in principle.

The Finance Minister has also referred for examination by the National Superannuation Board a system whereby first homebuilders can use their superannuation pension as security for home loans.

This follows an similar example that has worked well in Singapore.

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