Bahrain last week signed conventions for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income with Luxembourg and France. Both treaties provide for the exchange of information in tax matters in adherence to the OECD standard.
The Bahrain-Luxembourg double tax agreement was signed by Bahrain Minister of Finance Ahmad Bin Mohammed Al Khalif and Luxembourg’s Minister of Treasury and Budget Luc Frieden on May 6.
The protocol amending the existing Bahrain-France convention for the avoidance of double taxation was signed in Paris on May 7. The protocol amends the 1993 convention by inserting a new article that allows the competent authorities in Bahrain and France to exchange tax information in accordance with the OECD standard.
The two treaties, upon entry into force, after the exchange of formal notes of intent, will provide good governance in bilateral tax matters as well as promoting and easing investment and trade between the two countries.
Bahrain now has signed OECD model agreements with four countries and is currently negotiating further agreements with other OECD countries.
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