BANDAR SERI BEGAWAN, May 20 (Xinhua): Brunei implemented an update on customs import and excise duties this week increasing taxes on motorcycles and sweetened or flavored beverages, among others.
Motorcycles and bikes with auxiliary motors will face an excise tax of 30 per cent (35 per cent for above 800 cubic centimeters), compared to 20 percent previously.
There will also be an excise tax of four Brunei dollars (US$2.98) per deciliter on beverages with low sugar content. Previously, only drinks with high sugar content faced excise 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. - Xinhua
