Section 35
Rate of tax upon companies and others
(1)
There shall be levied and paid for —
(a)
the year of assessment 2008 upon the chargeable income of every company, tax at the rate of 27.5 per cent;
(b)
the year of assessment 2009 upon the chargeable income of every company, tax at the rate of 25.5 per cent;
(c)
the year of assessment 2010 upon the chargeable income of every company, tax at the rate of 23.5 per cent;
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(d)
the year of assessment 2011 upon the chargeable income of every company, tax at the rate of 22 per cent;
(e)
the year of assessment 2012 until 2014 upon the chargeable income of every company, tax at the rate of 20 per cent;
(f)
the year of assessment 2015 and subsequent years of assessment upon the chargeable income of every company, tax at the rate of 18.5 per cent, on every dollar of the chargeable income thereof.
(2)
Notwithstanding anything in this Act, tax at the rate of 2.5 per cent shall be levied and paid on the gross amount of any income referred to in section 9(4), accruing in or derived from
Brunei Darussalam by a person not resident in Brunei Darussalam which is not derived by that person from any trade, business, profession or vocation carried on or exercised by him in Brunei Darussalam and which is not effectively connected with any permanent establishment of the person in
Brunei Darussalam.
(2A)
Notwithstanding anything in this Act, there shall be levied and paid on the gross amount of —
(a)
any payment referred to in section 9(5)(a), (b), (ba)
and (d), tax at the rate of 10 per cent; or
(b)
any payment referred to in section 9(5)(c), tax at the rate of 10 per cent, accruing in or derived from Brunei Darussalam by a person not resident in
Brunei Darussalam which is not derived by that person from any trade, business, profession or vocation carried on or exercised by him in
Brunei Darussalam and which is not effectively connected with any permanent establishment of the person in Brunei Darussalam.
(2B)
Notwithstanding anything in this Act, tax at the rate of 10 per cent shall be levied and paid on the payment of any remuneration by a company to any director of the company who is not resident in
Brunei Darussalam.
(3)
(Repealed).
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(4)
Notwithstanding subsection (1) but subject to subsection (5), for the year of assessment 2011 and subsequent years of assessment, there shall be levied and paid for each year of assessment upon the chargeable income of every company, tax at the rate prescribed in subsection (1) on every dollar of that chargeable income thereof, except that —
(a)
for every dollar of the first $100,000 of the chargeable income, only 25 per cent shall be charged with tax; and
(b)
for every dollar of the next $150,000 of the chargeable income, only 50 per cent shall be charged with tax.
(5)
Notwithstanding subsections (1) and (4), for each of the first 3 years of assessment falling within or after the year of assessment 2008, of a qualifying company, there shall be levied and paid upon the chargeable income of the company, tax at the rate prescribed in subsection (1) on every dollar of the chargeable income thereof except that every dollar of the first $100,000 of the chargeable income shall be exempt from tax.
Thereafter, for every dollar of the next $150,000 of the chargeable income, only 50 per cent shall be charged with tax.
(6)
(Repealed).
(6A)
The rate of tax under subsection (1)(e) does not apply to any part of the chargeable income of any company which is attributable to the income derived by the company on or before 1st January 2011 and the rate of tax under subsection (1)(d)
applies to such part of the chargeable income of the company.
(b)
The rate of tax under subsection (1)(f) does not apply to any part of the chargeable income of any company which is attributable to the income derived by the company on or before 1st January 2014 and the rate of tax under subsection (1)(e)
applies to such part of the chargeable income of the company.
(6B)
For the purposes of subsection (6A), without prejudice to section 28, the Collector may make such adjustments as he considers appropriate, including the computation or re-computation of gains or profits of any company, so as to give effect to that subsection.
(7)
In this section —
(Deleted);
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“first 3 years of assessment”, in relation to a qualifying company, means the year of assessment relating to the basis period during which the company is incorporated or registered in Brunei Darussalam and the 2 consecutive years of assessment immediately following the year of assessment;
“gross amount”, in relation to any income referred to in subsections (2) and (2A), means the full amount of the income without any deduction and relief being allowed against the income under the provisions of the Act;
“qualifying company” means a company incorporated and registered in Brunei Darussalam (other than a company limited by guarantee) which for each of the first 3 years of assessment is resident in Brunei Darussalam for that year of assessment.