The Kingdom of Bahrain and Bermuda have signed a protocol amending their double taxation agreement, in a move aimed at strengthening financial cooperation and aligning with international tax standards.
The protocol was signed by Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, and David Burt, Premier of Bermuda, on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, United States.
The agreement updates the existing treaty on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, originally signed on April 22, 2010. The amendment aligns the framework with the standards of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), incorporating measures to prevent treaty abuse and enhance dispute resolution mechanisms.
Shaikh Salman bin Khalifa highlighted that the protocol reflects the strength of bilateral ties and a shared commitment to expanding cooperation, particularly in financial and economic sectors. He noted that such agreements support increased coordination and create opportunities for investment between the two countries.
During the meeting, the minister reaffirmed Bahrain’s commitment to fostering a supportive economic environment that encourages joint investments and enhances competitiveness in line with national development goals.
Shaikh Salman bin Khalifa also conveyed the greetings of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, along with wishes for Bermuda’s continued growth and prosperity. Both sides discussed ways to further strengthen longstanding relations and expand collaboration across various sectors.
Bahrain joined the Inclusive Framework on BEPS in 2018 and continues to implement measures to ensure its bilateral tax agreements meet international standards, reinforcing transparency, preventing tax avoidance and evasion, and promoting global tax cooperation.
