A briefing on the Record Keeping (Business) Act was held at the Ministry of Finance and Economy (MoFE) recently.
The briefing, organised by the MoFE in collaboration with the Brunei Darussalam Institute of Certified Public Accountants (BICPA), was to ensure entrepreneurs understand and comply with the legal provisions under the act.
Assistant Director at the Revenue Division Haji Mohammad Hassenol bin Haji Abdul Rahman delivering the briefing, noted that under the law, it is a requirement for every business entity in Brunei Darussalam to retain business records in an orderly manner for at least five years.
Meanwhile, BICPA Council member Haji Shazali bin Tan Sri Haji Sulaiman emphasised the need for bookkeeping as well as benefits of preparing financial statements.
He said keeping proper records will help business owners make organised financial plans and decisions while also attracting potential investors. – James Kon
