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BN Tax 2024

iCalculator™ BN: Brunei Darussalam Tax Calculators

Welcome to iCalculator™ BN, your comprehensive suite of free tax calculators for Brunei Darussalam. iCalculator™ has provided free tax calculators for Brunei Darussalam since 2019. Since those early days we have extended our resources for Brunei Darussalam to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Brunei Darussalam Tax Calculator and salary calculators within our Brunei Darussalam tax section are based on the latest tax rates published by the Tax Administration in Brunei Darussalam. In this dedicated Tax Portal for Brunei Darussalam you can access:

Brunei Darussalam Tax Calculator 2024/25

The Brunei Darussalam Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Brunei Darussalam. This includes calculations for

  1. Employees in Brunei Darussalam to calculate their annual salary after tax.
  2. Employers to calculate their cost of employment for their employees in Brunei Darussalam.
Brunei Darussalam Tax Calculator 2024
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Discover Brunei Darussalam

Brunei Darussalam, a small yet affluent nation, is strategically situated on the northern coast of Borneo in Southeast Asia. Encircled almost entirely by the Malaysian state of Sarawak, Brunei is divided into two non-contiguous regions. This geographical division is a unique feature for a sovereign nation. The country is characterized by a flat coastal plain that gradually ascends into mountains in the east and undulating lowlands in the west. Its highest point, Bukit Pagon, and numerous rivers such as Belait, Pandaruan, and Tutong shape its landscape. Brunei's coastline along the South China Sea is notable for its major towns and cities, including the capital, Bandar Seri Begawan. The country's total area is about 5,765 sq. km.

Culturally, Brunei is a melting pot with a majority Malay population and significant Chinese and indigenous communities. The official language is Malay, although Chinese dialects and indigenous languages are also spoken. The nation's governance is a unique blend of an absolute monarchy and Islamic traditions, with the Sultan holding a pivotal role in the state affairs. Religion plays a significant role in Bruneian society, with Sunni Islam being the predominant faith, followed by Christianity and Buddhism.

Economically, Brunei's wealth primarily stems from its extensive petroleum and natural gas reserves. The economy is a mix of foreign and domestic entrepreneurship, government regulation, and village traditions. Over half of the GDP is generated from the petroleum sector, making the nation the third-largest oil producer in Southeast Asia and the ninth-largest producer of liquefied natural gas in the world. Brunei's GDP has seen various fluctuations influenced by global oil prices and internal economic policies. The government's efforts to diversify the economy away from oil and gas have shown progress, with agriculture and fisheries identified as priority sectors. Despite its reliance on oil and gas, Brunei boasts a high per capita GDP and significant income from overseas investments. The government provides medical services and subsidizes food and housing, ensuring a high standard of living for its citizens.

Discover more about its neighboring country Malaysia and explore the broader region of Southeast Asia through Indonesia.

Overview of Taxation in Brunei Darussalam

The tax system in Brunei Darussalam is known for its unique and favorable conditions, especially in comparison to other countries. Notably, Brunei is one of the few countries in the world that does not levy personal income tax on its residents. This absence of personal income tax is a significant aspect of the country's tax regime and contributes to its appeal as a financial hub in Southeast Asia.

Corporate taxation in Brunei is characterized by its straightforwardness, although the rates can vary depending on various factors. The country offers a conducive environment for businesses, with incentives and exemptions designed to encourage investment and economic growth. These incentives are particularly evident in key sectors identified by the government for development.

In terms of other forms of taxation, Brunei imposes goods and services tax on certain items, although this is relatively limited in scope compared to other countries. Additionally, Brunei has specific taxes related to the oil and gas industry, which is a major contributor to the national economy. The government's revenue largely depends on the profits from petroleum and natural gas, which has allowed it to maintain a tax-friendly environment for individuals and businesses.

Brunei's tax system is also notable for its lack of capital gains tax and inheritance tax, which further enhances its attractiveness as a financial and investment destination. The country's fiscal policies are aimed at maintaining a stable and prosperous economy, with a focus on sustainability and long-term growth.

For those interested in understanding the nuances of Brunei's tax system or seeking specific information on current tax rates and regulations, the latest tax tools and tax tables are available. These resources provide a comprehensive view of Brunei's taxation environment, making it easier for individuals and businesses to navigate the tax landscape in this Southeast Asian economic hub.