Brunei Embarks on Tax Reforms to Diversify Revenue
Brunei is actively seeking to diversify its revenue base away from its heavy reliance on oil and gas, drawing inspiration from GCC countries' tax reforms. Following a significant fiscal deficit in FY2025 due to falling hydrocarbon prices, the situation improved with price surges. Key reforms, including the potential introduction of VAT, are seen as crucial for long-term fiscal sustainability.
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