The Ministry of Finance and Economy has announced increased taxes on motorcycles and have expanded duties on sweetened or flavoured beverages, among others, in a statement yesterday.
The ministry issued an update to customs import and excise duties that will come into effect tomorrow.
Motorcycles and cycles fitted with an auxiliary motor will face a 30-per-cent excise tax (35 per cent for above 800cc), up from 20 per cent previously.
Meanwhile, a BND4-per-decalitre (daL) excise tax will also be imposed on drinks with low sugar content. Previously only drinks with high sugar content faced the excise tax.
Taxes on plastics have also been changed, according to the amended list.
Plastics primary forms, plastic bags and disposable food container will be imposed with a BND5 per kg excise tax, a change from a three per cent tax previously. The full list of changes are listed in the table below.
The ministry said the amendments sought to streamline the duty structure for goods in this country with the ASEAN Harmonised Tariff Nomenclature (AHTN) 2022 and to enhance the competitiveness of business and investment climate in the country.
The amendments also fulfil commitments under free trade agreements with several countries, either on a bilateral or multi-lateral basis, said the ministry.
The ministry also noted that the restructuring of the import and excise duties also focusses on specific products with the purpose of meeting certain objectives, such as; control the use of certain products in order to improve the health and well-being of citizens and residents of this country; energy saving and reduce carbon footprint in Brunei Darussalam; and at the same time to help in the reduction of prices of some consumer goods.
Further information about the amendments to the duty rates can be obtained from www.bdnsw.mofe.gov.bn or www.tradingacrossborders.mofe.gov.bn.