Bahrain and Switzerland sign agreement on double taxation

MANAMA: Bahrain and Switzerland yesterday signed the Convention and Protocol for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance (the Convention) between the two countries.

Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa signed the agreement with the Assistant Secretary of State and Head of the Middle East and North Africa Division, Federal Department of Foreign Affairs of Switzerland, Ambassador Maya Tissafi.

Shaikh Salman said the agreement is an important step towards strengthening existing economic and investment co-operation with Switzerland.

“The agreement is a representation of the kingdom’s efforts to support an economic environment that encourages international investment,” the minister said, stressing the importance of such conventions in attracting foreign direct investments which will in turn enhance Bahrain’s economic competitiveness in line with its sustainable development goals.

The convention aims to enhance co-operation on tax matters, including measures to avoid double taxation on persons resident in both or either Bahrain or Switzerland, as well as provisions applicable to the taxes on income and capital imposed on behalf of either country.

The signing of the convention is part of the kingdom’s commitment to strengthening internationally agreed standards on the Transparency and Exchange of Information for Tax Purposes and prevention of tax evasion and avoidance, as set out by the G20 and Organisation for Economic Co-operation and Development.

Bahrain has so far signed a total of 45 double taxation conventions with jurisdictions around the world.

Shaikh Salman also US Deputy Secretary of the Treasury Justin Muzinich, on the sidelines of the Manama Dialogue 2019.

The minister highlighted strong partnership between Bahrain and the US, emphasising the importance of further advancing it across all fields.

Bahrain’s Ambassador to the US Shaikh Abdulla bin Rashid Al Khalifa and US Ambassador Justin Siberell attended the meeting.

The minister also met Deputy National Security Adviser for Middle East and North Africa at the White House National Security Council Dr Victoria Coates.

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