Brunei Double Taxation Agreements

Double taxation agreements exist with the United Kingdom (1950), Indonesia (2000), China (2004) and Singapore (2005). Tax credits are only available for resident companies.

The Ministry of Finance lists the following purposes of Double Taxation Agreements:

    * Encourage investment & trade between the two countries;
    * Lessen the burden of tax on companies when operating in two countries;
    * Enable Government institutions to operate in other countries without incurring tax liabilities;
    * Enable the exchange of information on tax matters.

Negotiations have been completed for Treaties with Malaysia, Thailand, Pakistan, Oman and Laos; all of these treaties await signature.

Further Treaties are under negotiation with Vietnam, the Philippines and Germany.

Brunei Other International Agreements

Brunei Darrusalam has a number of Bilateral Investment Treaties, and the Ministry of Finance lists their goals as follows:

    * To protect Brunei Darussalam investments from expropriation and nationalisations by contracting countries;
    * Encourage investment and trade between the two countries;
    * Ensure the returns of investment and income remitted back to Brunei Darussalam;
    * Ensure appropriate channels to overcome the investment differences.

The following is the status of Bilateral Investment Treaties:

    * Signed - ASEAN countries (ASEAN BIT) (1987), Germany (1998);
    * Negotiated - Oman (1997);
    * Still under negotiation - China (1997), France (1998), Iran (1998);
    * Proposed - UK, Australia, Belgium, Morocco, South Africa, South Korea, Uruguay, Sudan.