Brunei inks convention on tax matters at OECD

BRUNEI Darussalam signed the Multilateral Convention on Mutual Administration Assistance in Tax Matters on Tuesday at the Organisation for Economic Cooperation and Development (OECD) Headquarters in Paris, according to a press release.

Signing on behalf of the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam was Datin Paduka Malai Hajah Halimah binti Malai Haji Yussof, Ambassador of Brunei Darussalam to France in the presence of the OECD Deputy Secretary-General, Masamichi Kono.

There are 112 countries participating in the convention including Indonesia, Malaysia, the Philippines and Singapore. The convention aims to promote international cooperation to combat cross border tax evasion in which it provides all forms of administrative assistance in tax matters such as exchange of information on request, spontaneous exchange, automatic exchange, tax administration abroad and assistance in tax collection.

The signing of this convention reflects the commitment of Brunei Darussalam to curb offshore tax evasion and avoidance and to implement the internationally agreed and accepted tax automatic exchange of financial account information set by the OECD.

Ambassador of Brunei Darussalam to France, Datin Paduka Malai Hajah Halimah binti Malai Haji Yussof, and Organisation for Economic Cooperation and Development (OECD) Deputy Secretary-General, Masamichi Kono, signing the convention