Bahrain-Malta sign major taxation deal
Manama, April 13, 2010
Bahrain and Malta have signed a convention for avoidance of double taxation.
The deal, which will also involve the prevention of fiscal evasion with respect to taxes on income, was sealed at the Finance Ministry premises.
The convention was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and Malta Finance, Economy and Investment Minister Tonio Fenech.
It eliminates the double payment of taxes by nationals and enterprises of each country in the territory of the other and applies to taxes on income imposed by each country or its political subdivisions or local authorities, irrespective of the manner in which they are levied.
The convention is Bahrain's 18th such treaty which complies with the standard on Exchange of Tax Information set by the Organisation for Economic Co-operation and Development (OECD) and endorsed by the G20 London Summit in April last year.
It regards as taxes on income all taxes imposed on total income or on elements of income, including taxes on gains from the alienation of movable or immovable property and taxes on the total amounts of wages or salaries paid by enterprises.
It also applies to any identical or substantially similar taxes that are imposed after the date of signature of the convention in addition to, or in place of, existing taxes.
Competent authorities in the two countries are to notify each other of any significant changes in their taxation laws.
The ministers commended the signing as a step forward to further develop co-operation between the two countries in tax and economic matters and looked forward to increased co-operation in financial, economic and investment sectors.
The signing of this convention means that Bahrain has signed a total of 29 double taxation treaties of which some 20 treaties are already in force.
The signing ceremony was attended by Finance Ministry Under-Secretary Aref S Khamis and other ministry officials. Also attending was Malta's Non-Resident Ambassador Godwin Montanaro.-TradeArabia News Service
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