Bahrain’s Minister of Finance, Shaikh Ahmed bin Mohammed Al Khalifa, and Malta’s Minister of Finance, Economy and Investment, Tonio Fenech, have signed a double taxation agreement (DTA) between their two countries.
The DTA is designed to eliminate the payment of taxes twice, once in each country, on income earned by residents of one country within the other country. It applies to all taxes on income; not only, for example, income from employment, but also capital gains from property sales.
The DTA also includes the internationally-agreed Organisation for Economic Cooperation and Development standard for the exchange of tax information. While Bahrain has completed a total of 29 DTAs, of which around 20 are effective, this agreement is the 18th of its treaties that includes the standard.
The two ministers saw the signing of the DTA as a step forward in the cooperation that has developed between Bahrain and Malta, and foresaw further bilateral cooperation in the future.
.Tags: tax | law | offshore | agreements | offshore confidentiality | Organisation for Economic Co-operation and Development (OECD) | double tax agreement (DTA) | Bahrain | Malta | Organisation for Economic Co-operation and Development (OECD) | Malta
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