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The Islamic Sultanate of Brunei Darussalam is close to vital sea
lanes running through the South China
Sea linking the Indian and Pacific Oceans.
The climate is tropical. The capital
is Bandar Seri Begawan. The country
consists of two parts physically separated
by a finger of Malaysian territory.
Brunei's major natural resources are
petroleum, natural gas and timber.
Brunei was a powerful state from the 16th to the 19th century, but
in 1888 it became a British protectorate.
Britain retained responsibility for
the state's defense and foreign affairs
until 1984, when the sultanate became
fully independent.
The population was estimated at 388,000 in June
2009. The official religion is Islam.
Malay is the official language; English
and Chinese are also spoken.
Brunei
is a constitutional sultanate. The Sultan
and Prime Minister is Sir Hassnal Bolkiah
(since 5 October 1967).
Civil law is based on English common law; for Muslims, Islamic Shari'a
law supersedes civil law in a number
of areas.
GDP at purchasing power parity was USD19.4bn (2009 est.), and per
capita in the same year, was estimated
at USD50,100. The currency is the Bruneian
dollar.
In 2000, Brunei instituted a tax-privileged International Financial
Centre (BIFC) providing regimes for
banking, insurance, investment funds
and trust management. Accordingly, Brunei
is a "dual jurisdiction", whereby the
international legislation offers "offshore"
facilities, alongside the usual range
of "domestic" legislation drawn from
that of England and Wales. Legislation
passed in 2000 introduced a number of
additional corporate forms which are
available to business operations in
the International Financial Centre,
including International Business Companies,
International Limited Partnerships,
and International Trusts.
In
Brunei there is no personal income tax,
and there are no export, sales, payroll
or manufacturing taxes. Sole-proprietorship
and partnership businesses are not subject
to income tax. The main tax for resident
('domestic') companies is corporate
tax, but this does not apply in the
BIFC.
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LOWTAX.NET
13/07 
