| Azaraimy HH |
TO FURTHER explain the recent amendment to customs import tax and excise duties, the Ministry of Finance (MoF) through the Royal Customs and Excise Department continued its roadshow at Seri Kenangan Hall, Tutong District Community Hall Complex, Tuesday.
The briefing was facilitated by Ahmaddin bin Haji Abdul Rahman, Permanent Secretary (Performance) at the MoF.
The objectives of the amendments are to streamline the tax structure in the country to support a number of key objectives such as to enhance the competitiveness of the business and investment climate in the country and as well as to fulfil certain commitments under the free trade agreements (FTAs) with several countries, either on a bilateral or multi-lateral basis, he said.
The amendments will take effect from April 2017.
The restructuring of the import and excise duties also focuses on specific products with the purpose of meeting certain objectives such as reducing the cost of living for specific groups; bringing down the prices of certain goods to encourage their usage and at the same time controlling the use of certain products to improve the health and well-being of citizens and residents in the country.
Ahmaddin bin Haji Abdul Rahman, Permanent Secretary (Performance) at the Ministry of Finance (MoF) during the briefing. – AZARAIMY HH
The list of goods included in the tax amendments is given in the table:
The amendments are also aimed at further enhancing the development of the private sector in the country.
The reduction of import and excise duties will be implemented on several items for certain business sectors such as industrial machinery and spare parts for heavy vehicles and heavy machinery.
In addition, the tax rates for car spare parts and tyres will be reduced, aimed at easing the financial burden and enhancing the safety of consumers in the country.
On the health front, taxes for several products that are harmful to health will be raised to control consumer demand for food and drinks that have high sugar content. This is in line with the Ministry of Health (MoH)’s effort to realise its vision of ‘Towards a Healthy Society’.
In terms of environment, the increase in excise duties on plastic products is to support the efforts of Department of Environment, Parks and Recreation (JASTRe) in reducing the amount of plastic waste to be disposed of, encouraging the use of recycled materials and minimising pollution that can harm the environment and health.
To balance the reduction in revenue due to these duty cuts, tax rates for certain products such as mobile phones, leather and fur skin products, video games and other items will be increased.
To balance the reduction in revenue for certain goods, tax rates for certain products such as mobile phones, leather and fur skin products, video games and other items will be increased.
Also present to provide the briefing were Mohammad Mu’inuddin bin Abdur Rahman, Acting Controller of the Royal Customs and Excise Department; Acting Assistant Director of Department of Economic Planning and Development (JPKE), Heidi Farah Sia binti Abdul Rahman; Acting Director of the Land Transport Department, Ali bin Haji Matussin; Senior Officer of MoH, Haji Zakaria bin Haji Kamis and Officer from JASTRe, Abdul Khaliq bin Haji Lokman.
Meanwhile, a similar roadshow was held in Temburong District.
Further information about the amendments to the tax rates can be obtained from www.bdnsw.gov.bn or www.tradingacrossborders.gov.bn and by contacting the Royal Customs and Excise Department at 2382361.
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