Income Tax Act · 2024 Revised Edition · Part · Offences and Penalties
86K. International tax compliance agreements
Official textFrom Attorney General's Chambers, unchanged
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 —
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;
a competent authority agreement between the
Government and —
the government of another country or territory; or
the governments of two or more countries or territories;
any agreement modifying or supplementing an agreement referred to in paragraph (a) or (b);
any other agreement or arrangement between the
Government and —
the government of another country or territory; or
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).
An order under subsection (1) may only take effect on or after the date on which the agreement or arrangement enters into force for
arrangement
“arrangement” means an avoidance of double taxation convention or tax information exchange agreement having effect under section 41;
Brunei Darussalam.
Terms defined in this Act
arrangement
Defined · s 86A“arrangement” means an avoidance of double taxation convention or tax information exchange agreement having effect under section 41;
competent authority agreement
Defined · s 86I“competent authority agreement” means a bilateral or multilateral agreement to improve international tax compliance based on the standard for automatic exchange of financial account information in tax matters developed by the Organisation for Economic Co-operation and Development;
international tax compliance agreement
Defined · s 86I“international tax compliance agreement” means an agreement or arrangement that is declared by the Minister, by an order under section 86K, as an international tax compliance agreement.