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Brunei Darussalam

Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

Monetary Measure:
On March 19, the Autoriti Monetari Brunei Darussalam (AMBD), working closely with MOFE as well as the financial industry, announced interim measures (for six months effective April 1) to alleviate the financial burden on sectors hit hard by the COVID-19 pandemic. Effective April 1,
  • businesses in the tourism, hospitality/event management, restaurants/cafes, and air transport sectors (“Affected Sectors”) will be given a six-month deferment of their principal repayments of financing/loans;
  • the deferment is also extended to importers of food and medical supplies; and 
  • all bank fees and charges (except third party charges) that are related to trade and for payments of transactions in those Affected Sectors will be waived for a period of six months. To encourage social distancing and promote the usage of digital banking, online local interbank transfer fees and charges will be waived for a period of six months for all customers. Banks are also encouraged to review their lending rates in this current environment

On March 30, the MOFE announced additional financial support measures amounting to an estimated total of BND250 million, effective April 1. This Economic Relief Package:

  • extends the deferment on principal payments of financing or loan to all sectors, 
  • provides for the restructuring or deferment on principal repayment of personal loans and hire purchase such as car financing, for a period not exceeding 10 years, 
  • provides for the deferment on principal repayments of property financing, 
  • provides for the conversion of any outstanding credit card balances into term loans not exceeding 3 years for affected individuals in the private sector only (including the self-employed), and 
  • waiver of all bank fees/charges related to these facilities (except third party charges). Coupled with the earlier fiscal assistance, these measures will increase the value of Brunei’s Economic Stimulus Package to a total f BND450 million (or 3.2 percent of GDP).

Other measures and sources

Main sources of information

Contact us:

Sufian Zainul Abidin – sufianzabidin@kpmg.com.sg