The Kingdom of Bahrain’s Finance Minister, Shaikh Ahmed bin Mohammed Al Khalifa, and the Malaysian Ambassador to Bahrain, Dato' Syed Sultan Idris, have signed a protocol to the existing double taxation treaty (DTA) between their respective governments.
The protocol amends the bilateral DTA by incorporating additional terms which permit the competent authorities in the two countries to exchange information for tax purposes. The protocol incorporates the internationally-agreed Organization for Economic Cooperation and Development standard.
Both sides expressed their hope that the protocol would further improve economic co-operation and joint investment between the two countries. Bahrain’s Finance Minister said that signing the protocol complied with the country’s strategy of signing DTAs with other countries so as to provide the legal framework to foster such developments.
The Malaysian Ambassador stressed that co-operation between the two countries had improved steadily in the past two years, and that the completed protocol was proof of a willingness to develop that cooperation further. He also saw potential for Bahrain and Malaysia, as regional financial hubs, to complement each other and work closely in the Islamic finance industry.
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