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6.1. Main Rules Governing the Determination of Taxable Income

All public accountable companies are required to maintain financial statements as per IFRS. Other entities can apply generally accepted accounting principles to determine taxable income. From 1 January 2018 onwards, all Non-Public Interest Entities are required to adopt Brunei Accounting Standard to ensure uniformity and consistency in their financial reporting.

Taxable income is determined by adjusting the accounting / financial income for non-tax deductions, exemptions, etc.