Summary of the report
Brunei Darussalam received an overall rating of Largely Compliant in respect of international standard on tax transparency and exchange of information on request (EOIR). Brunei Darussalam has taken significant steps to align with the international standard by abolishing the International Business Company (offshore) regime as well as expanding its network of EOIR relationships extensively by becoming a party to Multilateral Convention on Mutual Administrative Assistance on Tax Matters.
Brunei Darussalam’s legal framework is generally in line with the international standard and supervisory practices are satisfactory but some improvements are required to ensure the availability of beneficial ownership and, to a lesser extent, reliable accounting information.
Brunei Darussalam’s experience of EOIR in practice was successful yet limited in the review period, and there is scope for improvement in overall efficiency.
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