Barbados and Bahrain sign tax agreement
Barbados and Bahrain have signed a tax avoidance treaty.
The agreement was signed on December 3 in Manama, Bahrain by Minister of Foreign Affairs and Foreign Trade, Senator Maxine McClean, and Minister of Finance of the Kingdom of Bahrain, Sheikh Ahmed bin Mohammed Al-Khalifa. It has been labelled as an Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between Barbados and Bahrain.
On signing the agreement, McClean stated that the tax agreement was not only an important expression of the strength of diplomatic ties between Barbados and Bahrain, but was also a tangible signal to the business communities of the two countries that their respective governments were committed to further enhancing economic relations.
The conclusion of the agreement has been described as an important step in deepening mutual cooperation in matters of international taxation and both governments have stated their commitment to ensuring it works to the benefit of the two countries.