Legislative Council (LegCo) member Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim called for laws and regulations prior to the launch of the Brunei Darussalam Stock Exchange.
Minister at the Prime Minister’s Office and Minister of Finance and Economy II Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew bin Abdullah, in agreement, added that the government has limited fiscal tools compared to other nations.
The minister, at the LegCo session yesterday, said the government’s non-oil and gas (O&G) revenue include taxes and charges levied by ministries and investments. He said there are opportunities for more sources of income but they need work before the launch.
Yang Berhormat Dato Seri Setia Dr Awang Haji Mohd Amin Liew said an example on new income is the BND3 charge for those entering and exiting the Sultanate via land borders.
However, it is not considered a normal fiscal tool to enhance non-O&G revenue.
Regarding allocation for projects not included in the budget, the minister said there is a provision for projects so that they can be launched as soon as possible when they are beneficial for the country’s macroeconomy, citing Tanjung Kajar as an example.