The Isle of Man has announced the signing of its 22nd agreement which incorporates provisions for the exchange of tax information, in the form of a double tax agreement with Bahrain.
A memorandum of understanding on economic, trade and technical cooperation was also signed at the ceremony on February 3, 2011 in Bahrain.
Signing the agreement on behalf of Bahrain was Ahmed bin Mohammed Al-Khalifa, the nation’s Minister for Finance, and for Isle of Man, Treasury Minister, Anne Craine.
Craine said: “I was delighted to be invited to Bahrain for the signing of these two important agreements. Bahrain is a key financial hub in the Middle East, and today’s agreements will greatly facilitate the development of business and investment opportunities between Bahrain and the Isle of Man.”
The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between the Isle of Man and Bahrain, and closely follows the model text published by the Organization for Economic Cooperation and Development.
.Tags: tax | offshore | investment | trade | business | agreements | tax havens | international financial centres (IFC) | tax information exchange agreement (TIEA) | double tax agreement (DTA) | Bahrain | Isle of Man | Isle of Man
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