As previously reported (Link-Blog), on 12 September 2017, Brunei Darussalam signed the Multilateral Convention on Mutual Administrative Assistance in Tax Matters (“Convention”). Recently, on 28 March 2019, Brunei deposited its ratification instrument for the Convention. The amended convention will enter into force on 1 July 2019 (Link).
The Convention is one of the most important and powerful instruments in the area of international tax cooperation and it provides for all forms of administrative assistance in tax matters, e.g. exchange of information on request, spontaneous exchange, automatic exchange, etc. Moreover, the Convention provides for the extensive safeguards concerning the protection of taxpayers’ rights. As the Convention is the premier instrument for the implementation of the CRS, the Convention should enable Brunei Darussalam to fulfil their commitment to begin the first exchange of the information by 2019.