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International boost for Bahrain’s financial sector

Bahrain News
Wed, 14 Mar 2018

BRUSSELS: EU finance ministers yesterday decided to remove Bahrain from their list of non-co-operative jurisdictions in taxation matters.

The decision was taken during a meeting of the EU Economic and Financial Affairs Council (Ecofin) in Brussels.

Finance Ministry assistant under-secretary for public revenue development Rana Faqihi said the move is a testimony to the regulatory system of the financial and banking sector in the kingdom and its adherence to best international practices.

She noted that the removal is a culmination of a series of measures taken by Bahrain with a vision of enhancing transparency with regard to taxation issues.

This includes joining the Global Forum on Transparency and Exchange of Information for Tax Purposes, and the OECD’s Inclusive Framework on Base Erosion and Profit Shifting, she said.

Further, Bahrain also signed the Convention on Mutual Administrative Assistance in Tax Matters, and the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information, Ms Faqihi said.

Both documents are currently being ratified in line with Bahrain’s constitution. They complement a robust tax treaty network, which includes more than 50 signed instruments on the exchange of tax information.

She stressed that Bahrain is proud to maintain a financial regulatory infrastructure which is globally recognised for its strength and efficiency.

Bahrain will continue to work with the EU and other relevant regional and international bodies to combat all forms of tax evasion, she said.

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