Brunei, Luxembourg sign pact on taxation
AN AGREEMENT to avoid double taxation and prevent tax evasion has been signed between Brunei and Luxembourg last Tuesday in Brussels, the Ministry of Finance (MoF) said yesterday.
The MoF said this is in line with Brunei’s commitment to implement an internationally agreed tax information exchange standards.
The ministry said signing the agreement is a “significant step” in enhancing economic and trade cooperation between the two countries.
The agreement will facilitate the exchange of information for taxation issues between Brunei and Luxembourg.
The ministry said the private sector is expected to benefit from the reduction of the tax liability from each jurisdiction.
The agreement was signed by Dato Paduka Serbini Hj Ali, Ambassador of Brunei in Belgium, while Pierre Gramegna, Luxembourg’s Minister of Finance.
According to the MoF, Brunei has signed 18 agreement s on avoidance of double taxation.
These countries include Indonesia, China, Singapore, Vietnam, Oman, Japan and Malaysia.
Apart from that, Brunei has also signed 10 agreements for exchange of information.
These countries include Australia, Canada, France, Denmark, Faroe Islands, Finland, Greenland, Iceland, Norway and Sweden.
