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AEOI

Brunei Darussalam is a member of Global Forum on Transparency and Exchange of Information since 2010. Brunei Darussalam is committed to implement automatic exchange of financial account information in tax matters (AEOI) starting 2018 onwards.

AEOI is a process for exchange of information (developed by Organisation for Economic Cooperation and Development (OECD)) which requires a country to obtain financial information (such as depository account, custodial account and equity interest) from their financial institutions and exchange that financial information automatically on annual basis to treaty partners.

The standard adopted for the implementation of AEOI is known as Common Reporting Standard (CRS) in which it includes the rules and procedures for AEOI and the types of reportable person, reportable account and financial information required to be reported by the financial institutions.

In the case of Brunei Darussalam, the financial institutions are required to collect information and report to the Collector of Income Tax Act from 1 January 2017.

Financial institutions are required to collect information from 1st January to 31st December every year and report it to the Competent Authority in the subsequent years. In the case of Brunei Darussalam, financial institutions are required to start collecting financial information starting the year 2017 and report it to the Collector of Income Tax no later than 30th June every year.

Legislation governed the AEOI in Brunei Darussalam enforced on 29th June 2017 as follows:

For more detail regarding the CRS please click OECD’s website link as follows:  http://www.oecd.org/tax/automatic-exchange/common-reporting-standard/

Frequently Asked Questions (FAQs)

You may click here to refer to the above mentioned FAQs document.

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