International Banking Order, 2000 · s 25

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25.
(1)
No income tax, tax on capital gains or other direct tax shall be levied, withheld or collected in respect of international banking business conducted under this Order-
(a} on or in respect of any dividends or earnings attributable to any share, debt or securities of a licensee; or
(b) on or in respect of any dividends, interest or other returns from any shares, securities, deposits or other borrowings of a licensee or any assets managed by a licensee, if the dividends, interest or other returns are shown to be in respect of shares, securities, deposits, borrowings or other assets beneficially owned by a person who either is not a resident or is a person falling within any of subparagraph !i) to lv) o~ section 2!5)(a}.
121
No estate, inheritance, succession or similar tax shall be levied in respect of any shares, securities or assets of a licensee or in respect of the transfer of any such shares, securities or assets.
!3)
Notwithstanding anything in the Stamp Act !Chapter 34), duty shall not be chargeable on any of the following descriptions of instruments -
fa} instruments relating to transfers of any property to or by a licensee;
1068

(bJ instruments relating to transactions in respect of the shares, debt obligations or other securities of a licensee;
(cJ instruments relating in any way to the assets or activities of a licensee.
(4)
No filing or presentation of documents with or to any taxing or other analogous authority in Brunei Darussalam shall be required, notwithstanding any other law of Brunei Darussalam.
{5)
If, with respect to any goods imported or to be imported by a licensee, the Minister is satisfied -
(aJ that the goods are not being made or manufactured in Brunei
Darussalam;
(bJ that the goods are essential as equipment or fixtures for the purposes of conducting international banking business in Brunei
Darussalam and will be used exclusively for those purposes; and
(cJ tliat the licensee will notify the Minister prior to the sale transfer or disposal of the goods (whether within or outside Brunei
Darussalam), the Minister may be order exempt the licensee from all, or so much as he consider appropriate, of any customs duty which would otherwise be levied in respect of the goods.
{6)
Expressions used in subsection (3) have the same meeting as in the
Stamp Act (Chapter 34) and expressions used in subsection (4) have the same meaning as in the Customs Act {Chapter 36).
(7)
No filing return or financial information shall be required from a licensee in relation to any taxation, duty or other levy in respect of which relief is granted under this section.
PARTV
MISCELLANEOUS AND GENERAL

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s 25

(1)

No income tax, tax on capital gains or other direct tax shall be levied, withheld or collected in respect of international banking business conducted under this Order-

(a} on or in respect of any dividends or earnings attributable to any share, debt or securities of a licensee; or

(b)

on or in respect of any dividends, interest or other returns from any shares, securities, deposits or other borrowings of a licensee or any assets managed by a licensee, if the dividends, interest or other returns are shown to be in respect of shares, securities, deposits, borrowings or other assets beneficially owned by a person who either is not a resident or is a person falling within any of subparagraph !i) to lv) o~ section 2!5)(a}.

121

No estate, inheritance, succession or similar tax shall be levied in respect of any shares, securities or assets of a licensee or in respect of the transfer of any such shares, securities or assets.

!3)

Notwithstanding anything in the Stamp Act !Chapter 34), duty shall not be chargeable on any of the following descriptions of instruments -

fa} instruments relating to transfers of any property to or by a licensee;

1068

(bJ instruments relating to transactions in respect of the shares, debt obligations or other securities of a licensee;

(cJ instruments relating in any way to the assets or activities of a licensee.

(4)

No filing or presentation of documents with or to any taxing or other analogous authority in Brunei Darussalam shall be required, notwithstanding any other law of Brunei Darussalam.

{5)

If, with respect to any goods imported or to be imported by a licensee, the Minister is satisfied -

(aJ that the goods are not being made or manufactured in Brunei

Darussalam;

(bJ that the goods are essential as equipment or fixtures for the purposes of conducting international banking business in Brunei

Darussalam and will be used exclusively for those purposes; and

(cJ tliat the licensee will notify the Minister prior to the sale transfer or disposal of the goods (whether within or outside Brunei

Darussalam), the Minister may be order exempt the licensee from all, or so much as he consider appropriate, of any customs duty which would otherwise be levied in respect of the goods.

{6)

Expressions used in subsection (3) have the same meeting as in the

Stamp Act (Chapter 34) and expressions used in subsection (4) have the same meaning as in the Customs Act {Chapter 36).

(7)

No filing return or financial information shall be required from a licensee in relation to any taxation, duty or other levy in respect of which relief is granted under this section.

PARTV

MISCELLANEOUS AND GENERAL