Ministry of Finance and Economy (MoFE) has announced the temporary remit of an excise duty rate of $5 per kilogramme on selected plastics.
As of now, a five percent rate of the declared trade value will be imposed on items including plastic’s primary form, plastic bags, and disposable food containers, effective 17 May 2023.
The ministry further said that the suspension is in line to support the initiatives towards reducing plastic usage while at the same time assisting businesses to prepare for new strategies and adjust their operations accordingly.
The Royal Customs and Excise Department (RCED) will refund the difference for any excise duty payments that have been made based on the $5/kg excise duty rate since 17 May 2023.
The Government is also aware that the change in the excise duty rate of these plastic products has impacted importers, plastic manufacturing industries and subsequently, businesses and consumers, said MoFE.
The public’s continuous support towards maintaining the sustainability of our country’s environment is highly appreciated.
Further information on the amendments to the customs import and excise duties can be obtained through RCED’s websites www.bdnsw.mofe.gov.bn or www.tradingacrossborders.mofe.gov.bn.
For any related inquiries, kindly contact the RCED at their hotline number 2382361 (during office hours) or via email toinfo@customs.gov.bn
THE BRUNEIAN | BANDAR SERI BEGAWAN
