Government revenues have declined as a result of the global oil market slowdown, and the 2016/17 budget reflects this. However, moves to increase foreign investment and support economic diversification also factor into the government’s spending plans, with non-oil growth becoming increasingly critical, as evidenced by allocations to education...
There are two parallel systems of law operating in Brunei Darussalam: statutory laws, which regulate mercantile activities and disputes between persons, and sharia law. Statutory laws are generally referred to as the common law system and are based upon English codified laws. These courts are also known generally as Civil Courts and have...
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,...
With Brunei Darussalam officials busy exploring new avenues to diversify the Sultanate’s economy away from petrochemicals, attention is being directed toward previously underdeveloped sectors for economic expansion. As demonstrated by the elevation of tourism to ministerial status under the Ministry of Primary Resources and Tourism (MPRT) in...
Tourism operators in the Sultanate have experienced an eventful few years. A government reshuffle in late 2015 seemed aimed at increasing the focus on the tourism sector, lending hope to many private sector operators that the government would begin supporting growth and expansion of the industry in earnest.
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