Brunei Darussalam Taxation Sector Research Highlights

Overview

Useful tax updates for businesses in Brunei Darussalam
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For year of assessment 2016, no changes have been made to tax or capital allowance rates. However, in a recent notice issued by the revenue division of the Ministry of Finance (MoF) dated April 19, 2016, effective from year of assessment 2016 onward, pursuant to Section 133B and 133C of the Companies Act, Chapter 39 (Amendment) (No.2) Order, 2014, certain companies are not required to submit audited…

Viewpoint

Shazali Sulaiman, Partner, KPMG Brunei Darussalam; and Chairman, Brunei Darussalam International Chambers of Commerce and Industry, on attracting foreign investment: Viewpoint
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As an economy that is dependent on its energy sector, the ongoing global crisis, which has seen oil prices drop significantly, has had a major impact on Brunei Darussalam’s economy. The Sultanate’s dependency on this sector has resulted in the government taking serious steps to look at economic diversification. In 2015 the government critically analysed the World Bank report on the ease of doing…

Chapter

The Report: Brunei Darussalam 2016: Tax
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This chapter explores Brunei Darussalam’s tax regime, focusing on key areas that include tax breaks for businesses, incentives, the withholding tax regime and deductible expenses. It also contains a viewpoint from Shazali Sulaiman, Partner, KPMG Brunei Darussalam; and Chairman, Brunei Darussalam International Chambers of Commerce and Industry.…

Country Report

The Report: Brunei Darussalam 2016
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Despite economic and legal changes now under way, Brunei Darussalam remains well positioned to continue on its current trajectory of steady economic growth and political stability. The increasing focus on economic diversification, and the ongoing growth of the non-energy sectors, bodes well for the Bruneian economy, as does further exploration and improved efficiency in the oil and gas industry. F

Overview

Tax updates that businesses need to know
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Deloitte’s recent “Asia Pacific Tax Complexity Survey” indicated that Brunei Darussalam’s tax environment is one of the least complicated and most attractive for investors. The recent announcement of the corporate income tax rate being revised down to 18.5% from year of assessment 2015 is expected to encourage the business sector to invest and help grow the economy. Personal Income Tax Individuals…

Viewpoint

Pengiran Moksin, President, Brunei Darussalam Institute of Certified Public Accountants, and Partner, Deloitte, on the tax environment
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The announcement during the March 2014 Legislative Council meeting that the corporate tax rate for the year of assessment 2015 would be 18.5% makes Brunei Darussalam one of the lowest tax jurisdictions in Asia. With most economies in the world opening up and operating in a global capital market, investors are now more willing to invest in foreign markets as their local markets become saturated and…

Chapter

The Report: Brunei Darussalam 2014: Tax
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In partnership with Deloitte, this chapter gives an overview of Brunei Darussalam’s tax environment as it applies to businesses and investors. It also features a tax viewpoint from Pengiran Moksin, President, Brunei Darussalam Institute of Certified Public Accountants, and Partner, Deloitte, on the tax environment.…

Chapter

The Report: Brunei Darussalam 2014: Tax
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Country Report

The Report: Brunei Darussalam 2014
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Commanding the second-highest GDP per capita among all ASEAN member nations at $39,700 in 2013, Brunei Darussalam remains one of the most advanced economies in the South-east Asia region. Historically, the hydrocarbons industry has dominated the Bruneian economy and allowed the country to amass considerable wealth. However, the nation is making an earnest effort to diversify its economy to ensure

Overview

The rules of the game: Tax updates that businesses need to know
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The current tax rates in Brunei Darussalam are expected to help grow the economy. Individuals do not to pay any personal income tax, and sole proprietorships and partnerships also continue not to be subject to any form of taxes, a move designed to encourage the growth of small and medium-sized enterprises and support economic diversification in the Sultanate. CORPORATE INCOME TAX: Under Section…

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Brunei Darussalam Taxation Sector Research Highlights

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