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The Non-Oil And Gas Sector Continued to Register an Increase in 2021

22 May 2022

The Non-Oil & Gas Sector which contributed 51.2 percent to the total gross value added (GVA) recorded an increase of 2.0 percent meanwhile the Oil & Gas Sector which contributed 48.8 percent decreased by 4.8 percent. The decline of the Oil and Gas Sector has caused the country's economy to grow at a negative rate in 2021 by 1.6 percent.

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ASEAN Economic Ministers' Special Meeting (Special AEM)
ASEAN Economic Ministers' Special Meeting (Special AEM)

18 May 2022
The ASEAN Economic Ministers’ (AEM) Special Meeting 2022 was held on 18 May 2022 in Bali, Indonesia. The meeting was attended by Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd. Amin Liew bin Abdullah, Minister at the Prime Minister's Office and Minister of Finance and Economy II. The meeting was chaired by His Excellency Pan Sorasak, Minister of Commerce from the Kingdom of Cambodia, and was attended by Economic Ministers from all the ASEAN Member States (AMS) and the ASEAN Secretary-General, His Excellency Dato Paduka Lim Jock Hoi.

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Local Companies Fined For Failure to Submit Income Tax Returns

17 May 2022​

During the months of March and April 2022, twenty-six (26) local companies as listed below were ordered to settle fines after their representatives pleaded guilty at the Magistrate’s Court to failing to comply with Section 52(1) of Income Tax Act (Section 35)

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Vendor Clinic Remains Open to Address Issue of Late Payments

The Vendor Clinic introduced by the Treasury Department, Ministry of Finance since 25th April 2016 is still operational and open to vendors who wish to find out about the payment process or making inquiries and complaints about delayed payments for the supply and service provision to the Government.

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Ministry Of Finance Income Tax Board of Review

In February 2017, the Income Tax Board of Review (ITBOR) was established under the Income Tax Act, Chapter 35. The ITBOR has been formed specifically to serve the interest of Companies that are subjected to corporate tax under the Companies Act with the aim to facilitate the administration and operation of taxation in Brunei Darussalam.

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World Class Refinery and Integrated Petrochemical Complex at PMB Begins to Take Shape

BRUNEI Darussalam's conducive and pro-business environment continue to become one of the main factors that attracts foreign investors to consider setting up base in the country.

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