The halal industry is expected to be one of Brunei Darussalam’s strongest economic diversifiers. Indeed it is hoped the Sultanate will come to be regarded as a serious player in expanding the global halal market, estimated to be worth an annual $2.1trn.
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...
Brunei Darussalam is aiming to double oil and gas production by 2030. What opportunities can foreign energy players and local service companies look forward to in the medium term?
The collector of income tax (CIT) began to engage tax agents in late 2011 on their push for corporate income tax e-filing under the system for tax administration and revenue services (STARS). CIT’s work with tax agents and other stakeholders such as company directors and accountants involved with tax compliance, continued in 2012 to ensure the...
The government of Brunei Darussalam has in recent years put a great deal of effort into planning new projects, keeping contractors’ interest with its willingness to spend significant sums. However, the construction sector has encountered a number of delays in both the planning and execution of its projects. The construction sector had a relatively...
With a near-pristine environmental record and more than 70% of its territory covered by tropical rainforest, Brunei Darussalam has strong potential to capture a sizeable share of the growing Asian ecotourism and family holiday market. Indeed, having avoided the brash materialism that typically characterises petrodollar wealth, the country is host to...
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