According to a recent update from the Brunei Ministry of Finance, the tax information exchange agreement with the Faroe Islands entered into force on 26 March 2016. The agreement, signed 27 June 2012, is the first of its kind between the two countries. It applies for criminal tax matters on the date of its entry into force and for other tax matters or taxable periods beginning on or after 1 January 2017, or where there is no taxable period, for all charges to tax arising on or after 1 January 2017.