BANDAR SERI BEGAWAN, May 18 (NNN-BORNEO BULLETIN) – Brunei implemented an update on customs import and excise duties yesterday, increasing taxes on motorcycles and sweetened or flavoured beverages, among others.
Motorcycles and bikes with auxiliary motors, will face an excise tax of 30 percent (35 percent for above 800 cubic centimetres), compared to 20 percent previously.
There will also be an excise tax of four Brunei dollars (2.98 U.S. dollars) per decilitre on beverages with low sugar content. Previously, only drinks with high sugar content faced taxes.
Brunei’s Ministry of Finance and Economy, said in a statement that, the amendments aim to streamline the duty structure for goods under the ASEAN Harmonised Tariff Nomenclature 2022, and to enhance the competitiveness of business and investment climate in the country.
The amendments also fulfill commitments made in free trade agreements with several countries, either on a bilateral or multilateral basis, the ministry said.
The ministry noted that, the import and excise duty adjustments are also focused on specific products, to achieve certain objectives, such as: controlling the use of certain products, to improve the health and well-being of the country’s citizens and residents, conserving energy and reducing Brunei’s carbon footprint, while helping to reduce the prices of some consumer goods.– NNN-BORNEO BULLETIN
