Section 30
Assessable income from all sources
(1)
The assessable income of any person from all sources chargeable with tax under this Act for any year of assessment shall be the remainder of his statutory income for that year after the deductions allowed in this Part have been made.
(1A)
For the purposes of this section, unless otherwise provided in this Act or the Investment Incentives Order, 2001 (S 48/2001), where a company whose income, if any, is subject to tax at different rates of tax for any year of assessment, the Collector shall apportion any sum allowable among those different rates of tax on such basis as he considers reasonable.
(2)
There shall be deducted —
(a)
the amount of a loss incurred by him during the year of assessment in any trade, business, profession or vocation, which, if it had been a profit would have been assessable under this Act:
Provided that no such deduction shall be made unless it is claimed in writing within one year after the end of the year of assessment;
(b)
the amount of a loss similarly incurred by him in any such trade, business, profession or vocation during any of the 6 years preceding the year of assessment which has not been allowed against his statutory income of a prior year:
Provided that —
(i)
in no circumstances shall the aggregate deduction from statutory income in respect of any such loss exceed the amount of such loss;
(ii)
a deduction under this paragraph shall be made as far as possible from the statutory income of the first year of assessment after that in which the loss was incurred, and, so far as it cannot be so made, then from the statutory income of the next year of assessment, and so on;
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(iii)
no deduction under this paragraph shall be made in respect of a loss incurred prior to the commencement of the year preceding the first year of assessment under this Act;
(c)
an amount, not exceeding one-sixth of the net statutory income remaining after the deductions authorised by paragraphs (a)
and (b) have been made, in respect of gifts of money made by him in the year preceding the year of assessment to any institution of a public character in Brunei Darussalam approved by the Minister, with the approval of His Majesty the Sultan and Yang Di-Pertuan:
Provided that the Minister, with the approval of His Majesty the
Sultan and Yang Di-Pertuan may at any time in his discretion withdraw such approval.
In this paragraph, “institution of a public character” means —
(i)
any hospital which is not operated or conducted for profit;
(ii)
a public or other benevolent institution or organisation not operated or conducted for profit;
(iii)
an educational institution which is not operated or conducted for profit;
(iv)
a public fund established and maintained for the relief of distress among members of the public.
(3)
For the purposes of subsection (2), the loss incurred during any year of assessment shall be computed, where the Collector so decides, by reference to the year ending on a day in such year of assessment which would have been adopted under section 26(2) for the computation of the statutory income of the following year of assessment if a profit had arisen.
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