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Brunei: Personal Taxation |
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BRUNEI INFORMATION: BUSINESS, TAXATION AND OFFSHORE |
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BRUNEI
RESIDENCE AND LIABILITY FOR TAXATION
- BRUNEI
STAMP DUTY
- BRUNEI
ESTATE DUTY
Brunei Residence and Liability for Taxation
In
Brunei there is no personal income
tax, and there are no export, sales,
payroll or manufacturing taxes.
Sole-proprietorship and partnership
businesses are not subject to income
tax.
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Brunei Stamp Duty
Stamp duties are levied on a variety of documents. The duties are
either ad valorem or fixed,
depending on the nature of the
documents.
Ad Valorem Duties apply to:
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Instruments of transfer of property including marketable securities,
shares of other companies
and of non tangible property,
benefits to legal rights and
goodwill;
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Instruments creating interests in property, for example Tenancies
and Leases;
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Instrument of security for monies including instruments creating
contracts for payment or monies
of binding (generally described
as "bond");
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Certain capital market instrument, for example, Contract Notes,
Share Certificates, etc.
Instruments
which attract ad valorem duty
include: mortgages; leases/tenancy
agreements; and transfer of
shares.
Fixed Duties apply to:
- A
number of other legal, commercial,
mercantile or capital market
instruments, for example,
instrument of Articles of
Association of a company,
Promissory Notes, Policies
of Insurance, etc; and
- A
duplicate or a subsidiary
or a collateral instrument
when it can be shown that
the original or principal
or primary duly stamped.
In general an application for determining the amount of duty chargeable
on any executed instrument can
be made to the Collector. For
this purpose the Collector may
require that the instruments
be furnished together with an
affidavits or other evidence.
The Collector may refuse such
application until the required
instrument and evidence have
furnished accordingly.
The purpose of adjudication is to protect the parties to the contract
in respect of the admissibility
of the instrument in court during
a civil proceeding. This is
because an instrument which
is not duly stamped is not admissible
in court as evidence.
Brunei Estate Duty
Estate duty is levied under the Stamp Act, Cap 34, on all immovable
property in Brunei Darussalam and
movable property wherever situated
for persons domiciled in Brunei
Darussalam at the time of death.
There is double taxation relief
for estate duty paid overseas on
assets that are also charged to
estate duty in Brunei Darussalam.
Estate duty is not payable in the case of person dying on or after
December 15, 1988, on the first
B$2.0 million of the aggregate value
of the deceased’s interest in a
dwelling house or dwelling houses,
whether occupied by the deceased
or not, and the amount thereof does
not form part of the value of the
estate charged with estate duty
of any deceased person. If the value
of the dwelling houses exceeds B$2.0
million, the estate duty payable
on this part of the estate is 3%
of the excess.
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