Section 20
of International Business Companies Order, 2000
Section 20
(1)
No corporate tax, income tax, tax on capital gains or other direct or indirect tax shall be levied, withheld or collected in respect of an IBC or a foreign international company incorporated, converted or registered under this Order in connection with any activity, business, investment or otherwise and without limitation of the foregoing –
(a)
on or in respect of any dividends or earnings attributable to any activities, share, debt or securities of an IBC or a foreign international company; or
(b)
on or in respect of any dividends, interest or other returns from any shares, securities, deposits or other borrowings of an IBC or a foreign international company or any assets managed by an IBC or a foreign international company.
(2)
No estate, inheritance, succession or similar tax shall be levied in respect of any shares, securities or assets of an IBC or a foreign international company or in respect of the transfer of any such shares, securities or assets.
(3)
Notwithstanding anything in the Stamp Act (Chapter 34) duty shall not be chargeable on any of the following –
(a)
instruments relating to transfers of any property to or by an IBC or a foreign international company;
(b)
instruments relating to transactions in respect of the shares, debt obligations or other securities of an IBC or a foreign international company;
(c)
instruments relating in any way to the assets or activities of an IBC or a foreign international company.
(4)
If, with respect to any goods imported or to be imported by an IBC or a foreign international company, the Authority is satisfied –
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
31
BLUV as at 20th June 2017
(a)
that the goods are not being made or manufactured in Brunei
Darussalam;
(b)
that the goods are essential .as equipment or fixtures for the purposes of conducting international business in Brunei Darussalam and will be used exclusively for those purposes; and
(c)
that the IBC or a foreign international company will notify the Authority prior to the sale, transfer or disposal of the goods (whether within or outside Brunei Darussalam), the Authority may by order exempt the IBC or a foreign international company from all, or so much as he considers appropriate, of any customs duty which would otherwise be levied in respect of the goods.
(5)
Expressions used in subsection (3) have the same meaning as in the Stamp Act
(Chapter 34) and expressions used in subsection (4) have the same meaning as in the Customs
Act (Chapter 36).
(6)
The exemption from taxes and duty conferred on an IBC or a foreign international company by subsections (1) to (3) may, at no extra charge, be evidenced by a certificate issued by the Authority confirming that the IBC or a foreign international company is so exempt; and without prejudice to the possibility of the issue of a further such certificate, any such certificate shall be valid for a period of ten years from the date thereof.
(7)
No filing, return or financial information shall be required from an IBC or a foreign international company in relation to any taxation, duty or other levy in respect of which relief is granted under this section.
Incorporating amendments until S 53/2017
(Clean Vesion) NANI/zimah _ as of 11 February 2020
32
BLUV as at 20th June 2017