The Bahrain government has signed a double taxation agreement (DTA) with Barbados for the avoidance of double taxation and prevention of fiscal evasion, said a report.

The agreement will eliminate double payment of taxes by nationals and enterprises of both countries in their territories. The Kingdom has till date signed a total of 39 DTAs, reported the Gulf Daily News, our sister publication.

It was signed by Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa, and visiting Barbadian Foreign Affairs and Foreign Trade Minister Maxine McClean.

The DTA covers all taxes imposed on total income, total capital, or on elements of income or capital, including taxes on gains from the alienation of movable or immovable property.

The signing of the agreement was a step forward in further developing economic co-operation and joint investment between the two countries, said Shaikh Ahmed.

"DTAs provide the appropriate economic environment to attract more foreign direct investment and enhance the competitiveness of the national economy," he said.-TradeArabia News Service