After Brunei Darussalam has gained its independence on 1st January 1984, the former "Pejabat Treasury" was renamed as Finance Department / Treasury Department.
Treasury Department adheres to the regulation referred to as "The 1983 Financial Regulation". Subsequent Official Circulars issued by The Prime Minister's Office and The Ministry of Finance and Economy are also referred to as part of the regulation.
From 2004 onwards, Financial Year was changed from 1st January until 31st December to 1st April until 31st March the following year. Closing of the Accounting Year are done at the end of the Financial Year where every Ministries and Departments submit all payment vouchers for the year to Treasury Department before mid March of that year.
For the nation development and to fulfill the public needs, private sectors and Government Departments, Treasury Department functions are:
1. Monitoring Government expenditure and collections
2. Processing payment for services and supplies
3. Processing and managing payment of salary, gratuity and pensions
4. Processing and managing payment for advances and deposits
5. Approving and managing applications for Financial Services (Passage and Leave Allowances,
Education Allowances, Housing Loan and Conveyance Advances)
6. Preparing Annual Accounts
7. Conducting Surprise Spot Checks
8. Processing applications for write-off of unrecoverable revenues
9. Controlling issues and use of Treasury financial records and documents (e.g. receipts)
10. Certifying Salary Efficiency Bar Eligibility
Another development was achieved by Treasury Department when the Treasury Accounting and Financial Information System (TAFIS) was introduced in March 2002.
The introduction of TAFIS was a follow up of His Majesty’s Titah:
“In an effort to enhance information and communication technology, the government through The Ministry of Finance and Economy has approved the establishment of a joint-venture company with the private sector for the implementation of the ‘Integrated Computerized Electronic Accounting and Information Financial System‘ project (TAFIS)."
The TAFIS System is intended to facilitate payment process, allowances and services. It also encourages Head of Departments to be more responsible and accountable to their respective expenditures and aware on commencing regulations.
For the implementation of TAFIS project, several Finance Officers / Sub-Treasury Officers (STO) from Treasury Department were stationed at various departments to check, verify and approve payment vouchers according to the Financial Regulations. In other words, payment vouchers would no longer be submitted to Treasury Department. Departments are also able to apply Passage and Leave Allowance, Education Allowance and FCA 'Online'.
With the system, it is expected to attain the following objectives:
- To enhance the efficiency of financial process
- Extend job responsibilities for the state expenditure
- Supporting e-Government programme
- Installing TAFIS network nationwide
- Enable skill and technical knowledge transfer
It is also beneficial in payment process as follows:
ADVANTAGES TO THE TREASURY DEPARTMENT
- Controlling expenditure according to estimates
- Towards ‘approval on-line ’
- Reduce payments by cheque or cash
- Improve data quality
- Integrating Treasury Function
ADVANTAGES TO DEPARTMENTS
- Improve and enhance methods of payments such as Electronic Funds Transfer (EFT)
- Ability to retrieve latest and precise information
- Controlling expenditure
- Enhance computer skills
ADVANTAGES TO COMMERCIAL COMPANIES
- Receiving payments direct into their account via EFT
- Spin–Off Effect
ADVANTAGES TO THE PUBLIC
- Integrated services
- Receiving fast and prompt payments / services
With the introduction of TAFIS, changes has been made significantly in the ways of processing and implementing financial system of the government of Negara Brunei Darussalam.