Brunei is located on the north coast of the island of Borneo, facing the South China Sea and surrounded by East Malaysia. Brunei gained its independence from the UK in 1984. Its economy is heavily resource-dependent, with the oil and gas sector accounting for about 60% of GDP and more than 90% of its export and fiscal receipts. While Brunei has the smallest population in ASEAN, its oil and gas resources have generated a high per-capita income – the second highest in ASEAN after Singapore. Moreover, there is no personal income tax and no capital gains tax.
Full article at hktdc.com.