Washington: Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy of Bahrain, met with His Excellency David Burt, the Premier of Bermuda, during the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington, United States. The meeting culminated in the signing of a protocol to amend the existing double taxation agreement between Bahrain and Bermuda.
According to Bahrain News Agency, Shaikh Salman emphasized the significance of enhancing the longstanding bilateral relations between Bahrain and Bermuda, particularly focusing on financial and economic sectors. He reiterated Bahrain's dedication to creating a supportive economic environment that fosters joint investments with partner nations, aiming to boost the Kingdom's competitiveness and support its developmental goals.
During the meeting, Shaikh Salman extended greetings from His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of Bahrain, expressing wishes for Bermuda's continued growth and prosperity. The protocol was signed by Shaikh Salman for Bahrain and Premier David Burt for Bermuda, signifying a commitment to further developing bilateral ties.
The protocol aims to update the original double taxation agreement signed on April 22, 2010, aligning it with the Inclusive Framework on Base Erosion and Profit Shifting (BEPS) standards. This includes measures to prevent treaty abuse and enhance tax dispute resolution mechanisms. Bahrain's participation in the Inclusive Framework on BEPS since 2018 underscores its commitment to international cooperation in tax matters, ensuring transparency and preventing tax avoidance and evasion.
The agreement marks a significant step in strengthening the partnership between Bahrain and Bermuda, promoting economic and investment opportunities in alignment with shared goals.