As a resource-rich country with a small population, Brunei has one of the least number of taxes in Asia.
Brunei sees diversification as integral to its economic development and has outlined plans to reduce oil dependency and develop other industries.
The Philippines and Brunei have signed a double taxation avoidance treaty that will eliminate double taxation on the income generated from cross-border transactions.
Brunei Darussalam launched the Brunei Economic Blueprint in early January 2021, which provides guidelines on how the country can develop a dynamic and sustainable economy.
Private and public companies in Brunei are obligated to audit their accounts as well as hold annual general meetings once a year.
On September 1, 2020, Singapore and Brunei established a green lane for short-term business and official trips between the two countries.
ASEAN continues to be an important FDI destination for European investors. Read more about Germany’s investments in Brunei and Cambodia in the first part of our four-part article on German FDI in ASEAN.
Brunei’s government has in recent times sought to diversify the country’s economy by reducing its reliance on its hydrocarbon exports and focusing on industries such as information and communication technology and halal manufacturing. Read more about the country’s latest FDI trends and outlook for 2019 in our latest article.
For expatriate workers and their employers in Brunei, understanding the process to obtain an employment permit is essential. Read more in our latest article.
In this week’s ASEAN Regulatory Brief, we highlight Laos’ incentives for tourism sector investors, discuss Brunei’s latest Halal regulations, and focus on the lifting of the livestock export ban in Myanmar.