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Brunei Businesses Accept New Tax, Demand Accountability

A new Commercial Building Tax, which goes into effect on April 1, was welcomed by local businesses to help defray the costs of maintaining public services.

A new Commercial Building Tax, which goes into effect on April 1, was welcomed by local businesses to help defray the costs of maintaining public services. Revenues from the tax will fund services such as waste and sewage management. These public services used to be funded partly by revenues from the corporate income tax, but only companies that declared profitability at a set range paid. Thus, the new tax makes all businesses pay for the public services that they used to enjoy for free. With more money to fund public services, business leaders now have higher expectations for these services to be better.

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Brunei: $1.05b Set Aside For Development Projects Over This Fiscal Year

The State Legislative Council Meeting yesterday saw the passing of the budget for the fiscal year 2009/2010, which included the allocation of $1.05 billion for development projects.

The State Legislative Council Meeting yesterday saw the passing of the budget for the fiscal year 2009/2010, which included the allocation of $1.05 billion for development projects. This figure remained unchanged to that of the previous fiscal year. Spending in development, under the National Development plan of 2007-2012, includes investment in the oil, gas and private sectors. Development projects and investment are expected to help stimulate the economy, increase small and medium entrepreneurship (SMEs) and create more job opportunities in the private sector.

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Brunei To Toughen Dirty Money Defense

Brunei is confident that it will improve its compliance ratings with international rules against dirty money.

Brunei is confident that it will improve its compliance ratings with international rules against dirty money. The ratings will be based on the Financial Action Task Force (FATF) 40 + 9 Recommendations on Money Laundering and Terrorist Financing in November 2009. The aim of improving Brunei's ratings is to comply with international standards to be a financial center.

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Brunei: Cement Exports Not Viable

Butra HedelbergCement Sdn Bhd (BHC), Brunei's sole cement company, has ruled out the viability of exporting its product as it struggles against the lack of government policy limiting foreign competition in the domestic market.

Butra HedelbergCement Sdn Bhd (BHC), Brunei's sole cement company, has ruled out the viability of exporting its product as it struggles against the lack of government policy limiting foreign competition in the domestic market. BHC said that cement is not actually produced in Brunei and that it will incur high freight costs if they transport the finished product to overseas markets. Moreover, BHC has to take into account the fact that it imports raw material and that the market to export cement is too small right now.

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Brunei Government Targets SME Export Finance Scheme This Year

Brunei's government is aiming to set up an export financing scheme by the end of the year to help provide capital to small businesses venturing into the overseas market.

Brunei's government is aiming to set up an export financing scheme by the end of the year to help provide capital to small businesses venturing into the overseas market. It will provide money to small and medium enterprise (SME) exporters in areas such as product and business development, training, design and technology development and marketing. The government is also expecting the private sector to do its share to assist SME's in this regard to follow principles of good corporate citizenship and to help enhance the nation's competitiveness.

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Brunei Businesses Accept New Tax, Demand Accountability

A new Commercial Building Tax, which goes into effect on April 1, was welcomed by local businesses to help defray the costs of maintaining public services.

A new Commercial Building Tax, which goes into effect on April 1, was welcomed by local businesses to help defray the costs of maintaining public services. Revenues from the tax will fund services such as waste and sewage management. These public services used to be funded partly by revenues from the corporate income tax, but only companies that declared profitability at a set range paid. Thus, the new tax makes all businesses pay for the public services that they used to enjoy for free. With more money to fund public services, business leaders now have higher expectations for these services to be better.

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Brunei Travel Industry Hit By Global Financial Crisis

Brunei's travel industry has taken a hit from the global financial crisis.

Brunei's travel industry has taken a hit from the global financial crisis. Tour groups from South Korea and China, the two main markets for local travel agencies, have greatly reduced in number. Such inbound tour groups are expected to plunge from 40 to 60 percent this year as the global financial crisis weakens the purchasing power of Chinese and Korean tourists. Brunei had a growth in inbound tourists of 39 percent last year. That growth is expected to slow down to only 7 percent this year.

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Brunei's Microorganism Wealth Untapped: Japan Expert

Brunei can reap a lot of medical, technological and commercial benefits from the untapped microorganisms in its rainforests.

Brunei can reap a lot of medical, technological and commercial benefits from the untapped microorganisms in its rain forests. Japanese experts and officials were in the country to sign a Memorandum of Understanding under the Heart of Borneo Project between the Ministry of Industry and Primary Resources and Japan's National Institute of Technology and Evaluation. Under the agreement, the two countries will explore microbial resources in Brunei's rainforests. Japan will provide the equipment and expertise while Brunei will provide its forests and other infrastructure. It is hoped that by the time the five-year research project is completed, Brunei will be able to do its own microorganism research.

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India Beckons to Brunei with Opportunities to Invest in Assets

As India stands to sign a FTA agreement with ASEAN next month, Brunei seeks to benefit from closer trade ties.

As India stands to sign a FTA agreement with ASEAN next month, Brunei seeks to benefit from closer trade ties. Trade between ASEAN and India has reached $37 million over the last decade, and with the signing of the FTA next month, trade is expected to reach $50 billion by 2010. India already plans to raise investments in Brunei in the next following months.Trade between Brunei and India stood at $13.83 million in 2006, mainly due to crude oil exports.

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Brunei, Japan sign Double Taxation pact

Brunei and Japan have signed a Double Taxation Agreement (Brunei-Japan DTA) aimed at curbing taxation on incomes received by the respective companies from the two countries.

Brunei and Japan have signed a Double Taxation Agreement (Brunei-Japan DTA) aimed at curbing taxation on incomes received by the respective companies from the two countries.The agreement will boost economic relations between Brunei and Japan as it will further facilitate bilateral trade. Brunei and Japan have enjoyed strong economic relations for years, with Japan being Brunei's main importer of oil and LNG since 1973. In 2007, both countries signed an Economic Partnership Agreement aimed at bolstering cooperation in the fields of science, energy and technology. Both countries aim to further enhance their bilateral economic relations in the future.

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Call to Change Mindset to Solve Unemployment

After a visit by the Minister of Home Affairs to Brunei’s Labour Department, the minister gave employers and local jobseekers the advice that they must change their mindset to reduce unemployment.

After a visit by the Minister of Home Affairs to Brunei's Labour Department, the minister gave employers and local jobseekers the advice that they must change their mindset to reduce unemployment. This advice included emphasis on following the rules for applicants for employment licenses, making sure all workers get their salaries paid promptly, and giving priority to local jobseekers.

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