Brunei’s Ministry of Finance and Economy Hosts Briefing on Record Keeping Business Act.

Bandar Seri Begawan: The Ministry of Finance and Economy, in collaboration with the Brunei Darussalam Institute of Certified Public Accountants, recently held a briefing session on the Record Keeping Business Act, Chapter 249. The event took place at the Ministry of Finance and Economy on November 9, 2024.

According to Radio Television Brunei, the briefing was aimed at ensuring that entrepreneurs understand and comply with the legal provisions under the Act. It is mandated that every business entity in Brunei Darussalam maintain their business records in an orderly manner for a minimum of five years. The session also highlighted the importance of bookkeeping and the advantages of preparing financial statements. These practices are crucial for business owners as they facilitate the creation of an organized financial plan, inform financial decisions, and attract potential investors.