Brunei announces tax relief for commercial property due to Covid-19

A Ramadan local cakes vendor handing a packet of food to a buyer in a van at a drive-in shop due to the coronavirus outbreak in Bandar Seri Begawan on May 8. - The Borneo Bulletin/ANN

BANDAR SERI BEGAWAN: Brunei announced a reduction of annual commercial property tax of up to 50 per cent on Thursday, aiming to support local businesses to offset the financial impact from the Covid-19 (coronavirus) epidemic.

Brunei's Minister of Home Affairs Haji Awang Abu Bakar said that with the consent of Sultan Haji Hassanal Bolkiah, the annual commercial property tax will be slashed up to 50 percent to business landlords, who are willing to give rental discounts to their tenants this year, as part of an economic stimulus package that was announced earlier.