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Brunei Darussalam

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About

Brunei Darussalam

Capital
Official languages
Population 
Currency

ISO 4217

Bandar Seri Begawan

Malay and English

439,000

Brunei Dollar

BND

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Economy

Brunei Darussalam is a small, oil-rich nation located in Southeast Asia. It has a population of approximately 439,000 people and a GDP of $20.2 billion. The economy of Brunei Darussalam is heavily reliant on oil and gas exports, which account for over 90% of its total exports. The country also has a strong manufacturing sector, which contributes around 8% of its GDP. Brunei Darussalam has a low unemployment rate of 2.2%, and its inflation rate is 1.2%. The country has a strong balance of payments, with a current account surplus of $2.3 billion in 2019. Brunei Darussalam has a strong banking sector, with a total banking assets of $20.3 billion. The country also has a strong investment climate, with foreign direct investment inflows of $1.2 billion in 2019. Overall, Brunei Darussalam has a strong and diversified economy, with a strong focus on oil and gas exports.

Taxation

Brunei is a small country located in Southeast Asia that has a relatively low tax burden for both individuals and corporations. The tax system in Brunei is regulated by the Income Tax Act, which is administered by the Brunei Inland Revenue Department.


Personal income tax is levied on all residents of Brunei, regardless of nationality. The tax rates are progressive, ranging from 0% to 35%, depending on the income level. The first BND 12,000 of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability.


Corporate income tax is levied on all companies and businesses operating in Brunei. The standard corporate tax rate is 18.5% on the net taxable income, with a reduced rate of 3% for businesses in the agriculture and fisheries sectors. There are also various tax incentives available for certain industries and activities, such as the promotion of research and development.


In addition to federal taxes, there are also other taxes levied on businesses operating in Brunei, such as the goods and services tax (GST) and the foreign worker levy.


The tax year in Brunei runs from January 1st to December 31st. The deadline for filing personal income tax returns and paying any outstanding tax is usually April 30th of the following year, while the deadline for filing corporate tax returns and paying any outstanding tax is generally May 31st of the following year.


Payments can be made online or in person at designated banks. Penalties for late payment or non-payment of taxes can range from fines to imprisonment, depending on the severity of the offense. Additionally, interest may be charged on any outstanding tax liability.


Overall, taxation in Brunei is relatively straightforward and transparent, with a low tax burden compared to other countries in the region. It is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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