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Revenue Division issues 2 new tax rulings

IN AN effort to facilitate tax administration in Brunei Darussalam, the Revenue Division, Ministry of Finance (MoF) has issued two new public rulings – Public Ruling No 3 (Construction Contracts and Property Development) and Public Ruling No 4 (Withholding of Tax).

 

According to a statement issued by the Revenue Division, the Public Ruling on Construction Contracts and Property Development “explains how to determine income from the construction contract business and real estate development,” and this is “with effect from Year of Assessment 2018”.

 

The Public Ruling on Withholding of Tax “elaborates on the nature of the payments subject to withholding of tax and the rates of withholding tax imposed on those payments,” and this is “with effect from April 1, 2017”.

 

In the statement, the Revenue Division explained that one of its functions is to administer corporate income tax for companies registered under the Companies Act, Chapter 39.

 

To share information on the new public income tax rulings and as part of a continuous effort to improve the business environment in Brunei Darussalam, the Revenue Division held a briefing yesterday.

 

The event took place at the MoF building and was presented by Lim Wei Yeh, Senior Finance Officer and Farhah Fakhriah binti Haji Sudin, Finance Officer.

 

 

The briefing also aimed at strengthening the processes of post filing under the Paying Taxes indicator in the Ease of Doing Business Report, as well as improving understanding of the provisions in the Income Tax Act and encouraging compliance, particularly submission of annual income tax returns.

 

The event was also a follow-up to an earlier briefing held on February 15, 2017 to socialise Public Ruling No 1 (Tax Audit Framework) and Public Ruling No 2 (Deductible and Non-Deductible Expenses Under Section 11 and 12 of the Income Tax Act).

 

More than 200 people, comprising public accountants, tax agencies, companies and financial institutions, attended the briefing. Chairani binti Haji Sulaiman, Director of the Revenue Division, Ministry of Finance was also in attendance yesterday.

 

More information on Public Ruling Income Tax (Construction Contracts and Property Development and Withholding of Tax) can be attained by contacting 2383933/2380651, emailing This e-mail address is being protected from spambots. You need JavaScript enabled to view it or visiting www.mof.gov.bn.

 

Courtesy of Borneo Bulletin, Friday 14 April 2017

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