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.
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.