Income Tax Act · s 86K

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86K.
International tax compliance agreements
(1) The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order declare any of the following as an international tax compliance agreement for the purposes of this Part —
(a) the agreement reached between the Government and the government of any other country or territory to facilitate compliance by financial institutions and other persons in
Brunei Darussalam with the Standard for Automatic Exchange of
Financial Account Information in Tax Matters issued by the

Income Tax 132

Organisation for Economic Co-operation and Development and as amended from time to time;
(b) a competent authority agreement between the
Government and —
(i) the government of another country or territory; or
(ii) the governments of two or more countries or territories;
(c) any agreement modifying or supplementing an agreement referred to in paragraph (a) or (b);
(d) any other agreement or arrangement between the
Government and —
(i) the government of another country or territory; or
(ii) the governments of two or more countries or territories, which makes provision corresponding, or substantially similar, to that made by an agreement referred to in paragraph (a), (b) or (c).
(2) An order under subsection (1) may only take effect on or after the date on which the agreement or arrangement enters into force for
Brunei Darussalam.

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s 86KInternational tax compliance agreements

(1)

The Minister may, with the approval of His Majesty the Sultan and Yang Di-Pertuan, by order declare any of the following as an international tax compliance agreement for the purposes of this Part —

(a)

the agreement reached between the Government and the government of any other country or territory to facilitate compliance by financial institutions and other persons in

Brunei Darussalam with the Standard for Automatic Exchange of

Financial Account Information in Tax Matters issued by the

Income Tax 132

Organisation for Economic Co-operation and Development and as amended from time to time;

(b)

a competent authority agreement between the

Government and —

(i)

the government of another country or territory; or

(ii)

the governments of two or more countries or territories;

(c)

any agreement modifying or supplementing an agreement referred to in paragraph (a) or (b);

(d)

any other agreement or arrangement between the

Government and —

(i)

the government of another country or territory; or

(ii)

the governments of two or more countries or territories, which makes provision corresponding, or substantially similar, to that made by an agreement referred to in paragraph (a), (b) or (c).

(2)

An order under subsection (1) may only take effect on or after the date on which the agreement or arrangement enters into force for

Brunei Darussalam.