21 March 2012 - Tax credit: Bruneians need to change mindset, says private sector

BRUNEIAN jobseekers need to engage a more "serious" mindset when it comes to working in the private sector should they aim to benefit from the tax credit ruling announced during this year's legislative council meeting, employers interviewed by The Brunei Times yesterday said.

To encourage the employment of Bruneians in private companies, the government will be granting a tax credit of as much as 50 per cent of a Bruneian employee's basic salary to the company for the first 36 months for those employed from January 1, 2012 onwards, provided the employees basic salary doesn't exceed $3,000 a month.

The Second Minister of Finance at the Prime Minister's Office Yang Berhormat Pehin Orang Kaya Laila Setia Dato Seri Setia Hj Abdul Rahman Hj Ibrahim said during the legislative council meeting that the "recruitment incentive for Bruneians in the private sector" is part of the government's efforts to increase investment in the country; improve business enterprises' efficiency and productivity as well as attract more Bruneians to work in the private sector.

Ishajaya Technology Sdn Bhd, one of the major IT solutions providers in Brunei that focuses on developing local talent, said one way to help employers would be to standardise salaries.

"Local employers are very worried because people tend to go to higher-paying jobs like the government or Brunei Shell, and by standardising the salary scales, it would guarantee that the employers are getting commitment from their employees," said Elvin Hii, the CEO of Ishajaya.

http://www.bt.com.bn/business-national/2012/03/21/tax-credit-bruneians-need-change-mindset-says-private-sector