Home > Breaking News
Amendments to the Customs Import and Excise Duties Effective 1st April 2017
March 11th, 2017 | 14:55 PM | 4526 views
NEGARA BRUNEI DARUSSALAM
The Ministry of Finance has announced that with the consent of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, the amendments to the Customs Import Tax and Excise Duties will be implemented effective 1st April 2017.
The objectives of the amendments to the customs import and excise duties among other things are to streamline the tax structure for goods in this country that will be able to support a number of key objectives, such as to enhance the competitiveness of business and investment climate in the country as well as to fulfill certain commitments under the Free Trade Agreements (FTAs) with several countries either on a bilateral or multi-lateral basis. The restructuring of the import and excise duties also focuses on specific products with the purpose of meeting certain objectives, such as alleviating the cost of living for specific groups; focusing on the reduction of prices for certain goods to encourage its usage; and at the same time to control the use of certain products in order to improve the health and well-being of citizens and residents of this country.
To balance the reduction in revenue for certain goods, tax rates for certain products such as mobile phones, leather and fur skin products, video games and other items will be increased.
In support of the initiative to create a healthy society, the Government of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam through the Ministry of Health will introduce an assistance scheme for mothers giving birth to newborns, who are Citizens and Permanent Residents of the country. The assistance given will be as follows:
The list of goods included in the amendments can be downloaded from here.
If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]