Brunei’s Ministry of Finance Hosts Briefing on Business Record Keeping Legislation

BANDAR SERI BEGAWAN — Entrepreneurs in Brunei Darussalam were invited to a critical briefing on the Record Keeping Business Act, Chapter 249, on the afternoon of August 3rd at the Ministry of Finance and Economy. The session aimed to clarify the legal requirements for maintaining business records.

According to Radio Television Brunei, Senior Finance Officer at the Revenue Division, it is mandatory for all business entities in the country to orderly preserve their business records for a minimum period of five years as stipulated by the act. The briefing also featured insights from Awang Haji Shazali bin Tan Sri Dato Haji Sulaiman, a Council Member of BICPA, who highlighted the importance of bookkeeping and preparing financial statements to aid business owners in crafting organized financial plans. The event was jointly organized by MOFE and BICPA to enhance compliance and awareness among the business community.