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Date: 04 Dec, 2012
Source: Invest Barbados

On December 3, 2012 the government of Barbados signed a Double Taxation Agreement (DTA) with the government of the Kingdom of Bahrain. The signing ceremony took place at the offices of the Ministry of Finance, in Manama, Bahrain.

The agreement was signed by Senator, the Honourable Maxine McClean, Barbados’ Minister of Foreign Affairs and Foreign Trade, and H.E. Shaikh Ahmed bin Mohammed Al Khalifa, Bahrain’s Minister of Finance.

At the signing, Bahrain’s Minister of Finance lauded the agreement as a step forward in further developing economic co-operation and joint investment between the two countries. He noted the crucial role of DTAs in providing the appropriate economic environment to attract more foreign direct investment and enhance the competitiveness of the national economy.

In her comments, Minister McClean indicated that the signing of the tax agreement was not only an important expression of the strength of diplomatic ties between Barbados and Bahrain, “but is also a tangible signal to our business communities of our commitment to further enhancing our economic relations.”

She highlighted the fact that as active participants in the OECD Global Forum on Transparency, “Barbados and Bahrain have both demonstrated their commitment to the international rules on tax information exchange, while safe-guarding the rights of taxpayers. In fact, our mutual acceptance of these principles is reflected in this bilateral tax agreement.” She also reiterated that “both Barbados and Bahrain understand the complexity and importance of ensuring the continued stability of the global financial system and their role in its rehabilitation.”

Barbados’ Minister of Foreign Affairs said that Barbados is anticipating that an Agreement for the Reciprocal Promotion and Protection of Investments, which will further broaden opportunities for cross-border trade and investment between the two nations, will soon be signed.