2 days ago
No intention at moment to implement ‘Tax-Free Month': Brunei minister
BANDAR SERI BEGAWAN: There is currently no intention to implement a 'Tax-Free Month' during the holiday and bonus period from December to January, Minister at the Prime Minister's Office and Minister of Finance and Economy II Dato Seri Setia Dr Awang Mohd Amin Liew Abdullah (pic) said at the Second Meeting of the 21st Legislative Council (LegCo) Session on Thursday (Aug 7).
The minister was responding to a proposal by LegCo member Salleh Bostaman Zainal Abidin.
'As in other countries, such tax exemption incentives are usually granted to goods or services that are subject to Goods and Services Tax (GST), Value-Added Tax (VAT), or Sales Tax,' the minister explained. As Brunei has not yet implemented GST or VAT, he said, 'implementing a tax-free concept like this may not be appropriate at this time'.
He added that the government has already implemented other initiatives to encourage local shopping, such as large-scale 'Salebrations' in cooperation with businesses.
In response to another query from LegCo member Rosmawatty Abdul Mumin regarding a potential Bilateral Economic Zone (BS-SEZ) between Kuala Belait and Kuala Baram, the minister highlighted that the ministry, through the Brunei Economic Development Board (BEDB), has not yet received any formal proposals.
'However, the ministry remains open to exploring strategic initiative proposals that are expected to benefit the national economy,' he stated.
The minister also touched on the concern of a drastic reduction in economic activities in Kuala Belait, stating that the ministry is paying serious attention to the situation.
He revealed that dialogues have been held with the Kuala Belait business community, and in the latest discussions, 'several quick-win initiatives are to be implemented to help further develop and maintain prosperity in the district'. – Borneo Bulletin/ANN
