Every business entity in the Sultanate is required to keep business records in an orderly manner for a minimum period of five years in accordance with Chapter 249 of the Record Keeping (Business) Act, said senior finance officer of the Revenue Division at the Ministry of Finance and Economy (MoFE) Roslina binti Haji Liman.
Meanwhile, Brunei Darussalam Institute of Certified Public Accountants (BICPA) council member Haji Shazali bin Tan Sri Dato Haji Sulaiman emphasised on the need for bookkeeping and the benefits of preparing financial statements to help business owners to make an organised financial plan, financial decisions and attract potential investors.
They made these comments when the MoFE, in collaboration with BICPA, held a briefing session on Chapter 249 of the Record Keeping (Business) Act, at the ministry premises on Saturday.
The event aimed to ensure that entrepreneurs understand and are in compliance with the legal provisions under the Act, said the MoFE. – James Kon
