The Minister of Finance and Economy (MoFE) announced that 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 has consented for the approval of interim measures to support certain private sectors in addressing the challenges arising from the spread of COVID-19 in the country.
This was stated by Minister at the Prime Minister's Office and Minister of Finance and Economi II Dato Seri Seria Dr Awang Haji Mohd Amin Liew bin Abdullah during yesterday's joint press conference at the Al-Afiah Hall of the Ministry of Health.
The minister said that the COVID-19 pandemic has affected some businesses in the country. Payroll, contributions to the Employess Trust Fund (TAP) and the Supplemental Contributory Pension (SCP), and building rental among others were affected.
MoFE has negotiated with stakeholders and agreed to implement a number of interim measures by prioritising three objectives, which include the assistance of cash flow for Micro, Small and Medium Enterprises (MSMEs) and to maintain their operational viability; ensuring job security for locals; and protecting the well-being of residents in Brunei Darussalam.
The interim measures will commence on April 1, 2020, and continue for six months.
Minister at the Prime Minister's Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah. PHOTO: JAMES KON
These measures include:
- A six-month deferment on TAP and SCP contributions for private sector employees earning BND1,500 and below in all sectors of the MSME category with employees fewer than 100. Contributions by companies will be paid in advance by the government to ensure that the annual dividend payments to employees in the private sector will not be affected. Companies are encouraged to submit an application to TAP via email at payments@tap.com.bn. Companies authorised to postpone TAP and SCP contributions are required to repay the government within a year after the expiration of the six months.
- The government financing the SCP contribution of the self-employed group within the stated period as a step to help the self-employed affected by the outbreak to ensure that they will have ongoing Survivorship Fund protection.
- The provision of a 30 per cent discount on rental rates of government buildings for MSME according to the targetted sectors such as tourism, hospitality (including hotels and lodging houses), restaurants and cafes air and water transportation, to help reduce operating costs.
- The provision of a 50 per cent tax discount on corporate income tax for the year of assessment 2020 to target sectors such as tourism, hospitality (including hotels and lodging houses), restaurants and cafes, air and water transportation, to help businesses experiencing a decline in earnings during the outbreak. To obtain this facility, companies are required to submit a filing within the time frame set by the Revenue Division of the Ministry of Finance and Economy.
- The provision of a 15 per cent discount on water and electricity bills the targetted sector.
- Help for the MSME through participation on e-platforms for more effective business matching where DARe (Darussalam Enterprise) will work with a number of service providers to help merchants market their goods online. This measures is also intended to assist and provide opportunities and incentives for traders in particular MSMEs to use e-platforms to operate and maintain their business more efficiently and competitively.
- A six-month extension of i-Ready Permit Contract Period bt the Manpower Planning and Employment Council (MPEC) especially for participants whose contracts expire before September 2020 in the public and private sectors.
- And the temporary exemption of customs and excise duties on personal hygiene products as an initiative aimed at assisting businesses and buyers with the increasing demand related to specialty health products in dealing with COVID-19 such as rubber gloves, hand soap and the like.
The minister added MoFE and the Department of Economic Planning and Statistics (JPES) will regularly monitor prices of goods such as rice, sugar and other essentials such as hand sanitisers and surgical face masks as contained under the Consumer Protection Order (2011) and the Price Control Act (Chapter 142).
Meanwhile, in support of giving education virtually to ensure the continuty in learning, the Unified National Networks Sdn Bhd (UNN) and telecommunication companies owned by Darussalam Assets Sdn Bhd are working with the Ministry of Education and private institutions to ensure the uninterrupted delivery of education to students. The initiative includes providing bandwith, data and, in the future, an online learning platform for students and teachers in Brunei Darussalam.
As ab example, the minister also listed other initiatives such as improving the coverage and connectivity of telecommunications services at quarantine hotels and centres in the country; sponsorship of mobile phones by telecommunications companies to the Ministry of Health for the purpose of contact tracing; and sponsorship of equipment by Huawei to facilitate communications such as video conferencing between the Ministry of Health and the National Isolation Centre in the Tutong District.
Courtesy: Borneo Bulletin
