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| Bahrain Ratifies Three DTAs And One FTA |
by Lorys Charalambous, Tax-News.com, Cyprus
Tuesday, February 09, 2010
The King of Bahrain, Hamad bin Isa Al Khalifa, has recently approved three
laws regarding double taxation agreements (DTAs), and one law concerning a free
trade agreement (FTA), already signed between Bahrain and other countries.
Firstly, he ratified the FTA between the Gulf Cooperation Council (GCC) states
and Singapore that was signed in Doha, Qatar, on December 15, 2008. It is considered
a milestone agreement in strengthening ties between the GCC countries and Singapore,
particularly because it is the first FTA signed by the GCC and the second FTA
that Singapore signed with the Middle East.
It is a comprehensive bilateral agreement, including trade in goods, rules
of origin, customs procedures, trade in services and government procurement.
He also approved the ratification of the protocol to Bahrain’s DTA between
the Kingdom and France, and also of the DTA between Bahrain and Luxembourg.
The former was signed in Paris on May 7, 2009, and the protocol adds provision
for the exchange of tax information according to the standard set by the Organisation
for Economic Co-operation and Development (OECD).
The DTA with Luxembourg was signed a day earlier and, in addition to its application
to taxes on income and capital, also complies with the OECD standard on the
exchange of tax information between the two countries.
Finally, the King ratified the DTA between Bahrain and Bulgaria, which was
originally signed in Sofia on June 26, 2009. Similarly to the agreement with
Luxembourg, the DTA aims to eliminate double taxation and allows for exchange
of tax information in accordance with the OECD standard.
A comprehensive report in our Intelligence Report series,
examining in depth the situation of offshore transparency and secrecy in a number
of the most prominent jurisdictions, is available in the Lowtax Library at
http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report2.asp
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