Brunei Darussalam has adopted the “wider approach" which requires reporting financial institutions in Brunei Darussalam to collect and retain the CRS information for all account holders and where the account holder is a Passive Non-Financial Entity (“NFE"), the controlling persons of the Passive NFE in the case of new accounts. Reporting financial institutions in Brunei Darussalam for CRS purposes are required to only transmit financial account information relating to tax residents of Brunei Darussalam's relevant tax treaty partners from 2018 to the Collector of Income Tax. Brunei Darussalam will then subsequently exchange the reported information with its relevant tax treaty partners.
List is Participating Jurisdictions
In accordance to the CRS, an account of a professionally managed Investment Entity that is not a Participating Jurisdiction Financial Institution and maintained by a Reporting Financial Institution in Brunei Darussalam is treated as a Passive NFE. Reporting Financial Institution in Brunei Darussalam is required to apply the “look through" to identify the Controlling Persons and report (if any) each reportable controlling person.
In line with the approach outlined in paragraph 31 of the CRS Implementation Handbook, Brunei Darussalam considers all jurisdictions that have publicly and at government level committed to adopt the CRS to be Participating Jurisdictions. You may
click
here to refer to the above mentioned document.
Reportable Jurisdictions
Financial Institutions in Brunei Darussalam are required to collect and report to Ministry of Finance and Economy financial account information of all non-residents from Reportable Jurisdictions. Financial Institutions however are advised to collect and prepare report for all participating jurisdictions instead of reportable jurisdictions to ensure that Financial Institutions are ready to submit reports within the timeline set (by 30 June every year) as the list of reportable jurisdictions will expand and updated from time to time.
The list of Reportable Jurisdictions for 2024 CRS Exchange are available
here.
AEOI CRS Guidance
You may rely to the following materials for interpretive guidance.
CRS Registration
A financial institution that is or becomes a reporting financial institution in Brunei Darussalam at any time between 1st January 2017 and 31st December 2017 must apply for CRS Registration by 3st May 2018. Any financial institution that becomes a reporting financial institution after 31st December 2017 must apply for CRS Registration by 31st May of the year following the year in which the financial institution becomes a reporting financial institution.
Application to register should contain the following particulars:
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The name of the reporting financial institution;
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Whether the reporting financial institution is a custodial institution, depository institution, investment entity or specific insurance company, or is two or more of these; and
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The full name, address, designation and contact information of an individual authorized by the reporting financial institution to be the point of contact of the institution for the purposes of the CRS Regulations.
Submission of Reportable Financial Accounts by Reporting Financial Institutions
Under the Income Tax (International Tax Compliance Agreements) (Common Reporting Standard) Regulations, all reporting financial institutions in Brunei Darussalam are required to submit its reportable accounts to Revenue Division, Ministry of Finance and Economy no later than 30th June every year. For submission format for Brunei Darussalam, please refer to the Common Reporting Standard (“CRS") Return guide for Reporting Financial Institution in Brunei Darussalam click
here.
Tax Residency
A self-certification form is a certification form filled by Account Holder which provide the Account Holder's status and other information requested by reporting financial institutions in Brunei Darussalam to fulfil its AEOI CRS reporting and due diligence obligations, such as whether the Account Holder is resident for tax purposes in a Reportable Jurisdiction. The domestic laws of various jurisdiction have lay down conditions under which an individual or an entity is to be treated as tax resident. OECD has provided information on Tax Identification Number (TINs) and tax residency rules applicable in jurisdictions that are committed to automatically exchange information to help both account holders and financial institutions to comply their CRS obligation which are as follows:
Brunei Darussalam does not issue TIN for Individuals and Entities. However in the absence of TIN, functional equivalent for Individuals and Entities can be used to identify the Account holders. You can visit Details on Brunei TINs and its functional equivalent on the link below.
Quick access to Brunei Darussalam's Tax Identification number and its functional equivalent
You may click
here to refer to the above mentioned document.
Any enquiries on CRS and AEOI
For any enquiries and questions regarding AEOI and CRS, kindly email us at
international.revenue@mofe.gov.bn.