To improve the country's business environment, the Revenue Division, Ministry of Finance yesterday afternoon held a briefing on the Income Tax Public Ruling issued on the 1st of April by the division, namely Public Rulings No. 3 (Construction Contracts and Property Development) and Public Ruling No.4 (Withholding of Tax).
The session was a follow-up to the briefing held in the 15th of February to publicise two previous Public Rulings, namely Public Ruling No.1 (Tax Audit Framework) and Public Ruling No.2 (Deductible & Non-Deductible Expenses Under Section 11 and 12 of the Income Tax Act).
The briefing session was attended by public accountants, tax agencies, companies and Financial Institutions. The speakers were Awang Lim Wei Yeh, Senior Financial Officer and Dayang Farhah Fakhriah binti Haji Sudin, Financial Officer. Among other matters, the briefings explained the functions of the Revenue Division of the Ministry of Finance in the administration of Corporate Income Tax for companies registered under the Companies Act, Chapter 39 and as part of efforts to streamline the administration of taxes in the country.
Source: Radio Television Brunei