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Bahrain in key taxation deal with Isle of Man.

MANAMA: Bahrain yesterday signed an agreement for the avoidance of double taxation (DTA) and the prevention of fiscal evasion with respect to taxes on income with the Isle of Man. A memorandum of understanding (MoU) on economic, trade and technical co-operation was also signed at the Finance Ministry premises.

The documents were signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Isle of Man's Treasury Minister Anne Craine.

The DTA will comprehensively address taxation issues arising in relation to the flow of business and any movement of people between Bahrain and the Isle of Man.

It closely follows the model double taxation treaty published by the Organisation for Economic Co-operation and Development (OECD).

The MoU is a detailed declaration that the two governments intend to work closely together to facilitate the development of bilateral economic activity on the basis of equity and mutual benefit.

A joint economic committee consisting of representatives of both sides will be set up to monitor the implementation of the MoU and develop and evaluate proposals on the implementation of its provisions.

Shaikh Ahmed said that the signing was a clear demonstration of the willingness of both Bahrain and the Isle of Man to develop further their investment and economic ties and stimulate initiatives in these areas.

"Given that Bahrain and the Isle of Man are members of the Global Forum on Transparency and Exchange of Information for Tax Purposes, the DTA will certainly encourage transparency and exchange of information for tax purposes," he added.

"I was delighted to be invited to Bahrain for the signing of these two important agreements, Ms Craine said.

"Bahrain is a key financial hub in the Middle East, and the agreements will greatly facilitate the development of business and investment opportunities between Bahrain and the Isle of Man," she added.

The signing ceremony was attended by Finance Ministry Under-Secretary Aref Khamis and a number of ministry and Isle of Man Treasury officials.

The DTA signed with the Isle of Man is Bahrain's 23rd, which contains an article on exchange of Information which follows the international standard on transparency and exchange of information for tax purposes adopted by the UN, OECD and G20.

Currently Bahrain has a total of 29 signed DTAs of which 21 are in force, 13 of which meet the international standard.

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Publication:Gulf Daily News (Manama, Bahrain)
Geographic Code:7BAHR
Date:Feb 5, 2011
Words:399
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