Every business entity in Brunei is required to keep business records in an orderly manner for at least a period of five years in accordance with Chapter 249 of the Record Keeping (Business) Act, Assistant Director at the Revenue Division of the Ministry of Finance and Economy (MoFE) Haji Mohammad Hassenol bin Haji Abdul Rahman said.
He said this during a briefing session on Record Keeping (Business) Act, Chapter 249 at the Theatre Hall, MoFE on Saturday.
The session, in collaboration with the Brunei Darussalam Institute of Certified Public Accountants (BICPA), was conducted to help entrepreneurs understand and comply with the legal provisions under the act.
BICPA council member Haji Shazali bin Tan Sri Dato Haji Sulaiman emphasised on the need of bookkeeping and the benefits of preparing financial statements that will help business owners to make an organised financial plan, make financial decisions for the business and attract potential investors. – James Kon