Brunei signs international treaty on tax cooperation

Brunei’s ambassador to France today signed the Convention on Mutual Administrative Assistance in Tax Matters.

Her Excellency Datin Paduka Malai Halimah Malai Yussof signed the treaty in Paris on behalf of Brunei at OECD headquarters, making Brunei the 113th nation to sign the convention.

The treaty provides for exchange of information in tax matters, including automatic exchange, which Brunei has committed to implement by 2018. The treaty also allows for simultaneous tax examinations and assistance in tax collection.

It can also be used to provide for automatic exchange of country-by-country reports and for exchange of tax rulings under the OECD/G20 base erosion and profit shifting (BEPS) actions 13 and 5.

Further steps must be taken before the treaty will enter into force with respect to Brunei.