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Brunei, India sign Tax Information Exchange Agreement

3 March 2019 – Brunei Darussalam and India signed an Agreement for the Exchange of Information and Assistance in Collection with respect to Taxes (TIEA) on February 28 in New Delhi.

Signing on behalf of the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu'izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar 'Ali Saifuddien Sa'adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam was High Commissioner of Brunei Darussalam to India Dato Paduka Haji Sidek bin Ali while Chairman of the Central Board of Direct Taxes (CBDT), Ministry of Finance Pramod Chandra Mody signed on behalf of the Government of the Republic of India.

The agreement marks a significant step forward in enhancing cooperation between the two countries in the exchange of information with regard to taxation.

It will allow the government of Brunei Darussalam and India to help each other in the collection of taxes involving residents in both countries.

To date, Brunei Darussalam has signed 19 Avoidance of Double Taxation Agreements (ADTAs), namely with the United Kingdom, Indonesia, the People's Republic of China, Singapore, Vietnam, Oman, Bahrain, Japan, Pakistan, Malaysia, the Lao People's Democratic Republic, Hong Kong SAR, Kuwait, Tajikistan, Qatar, the United Arab Emirates, the Republic of Korea, the Grand Duchy of Luxembourg, and Cambodia.

Apart from these ADTAs, Brunei has also signed 11 Exchange of Information Agreements, ie with Australia, Canada, France, Denmark, the Faroe Islands, Finland, Greenland, Iceland, Norway, Sweden and India.

High Commissioner of Brunei Darussalam to India Dato Paduka Haji Sidek bin Ali and Chairman of the Central Board of Direct Taxes (CBDT). Ministry of Finance, Government of India Pramod Chandra Mody exchange the signed Agreement for Exchange of Information and Collection with respect to Taxes

Courtesy of Borneo Bulletin, Monday March 4, 2019

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