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Washington- Shaikh Salman bin Khalifa Al Khalifa, the Minister of Finance and National Economy, met with His Excellency David Burt, the Premier of Bermuda, on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group, convened in Washington, United States.
Shaikh Salman bin Khalifa underscored the importance of further strengthening the longstanding bilateral relations between the Kingdom of Bahrain and Bermuda, and advancing them towards broader horizons across various sectors, particularly in the financial and economic fields.
He affirmed Bahrain’s commitment to fostering a supportive economic environment that encourages joint investments with partner countries, enhancing the Kingdom’s competitiveness and supporting the achievement of its development objectives.
During the meeting, the minister conveyed the greetings of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, along with his wishes for continued growth and prosperity for Bermuda.
On this occasion, a protocol amending the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between the Government of the Kingdom of Bahrain and the Government of Bermuda was signed. The protocol was signed on behalf of Bahrain by the Minister of Finance and National Economy, and on behalf of Bermuda by the Premier.
The minister noted that the signing of the protocol reflects the strength of the bilateral partnership and the shared commitment to its continued development. He highlighted the importance of such steps in enhancing coordination and cooperation, and in supporting economic and investment opportunities between the two friendly countries, in line with shared aspirations.
The protocol aims to amend the double taxation agreement, originally signed on April 22, 2010, to align it with the standards of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS), including measures to prevent treaty abuse and improve mechanisms for resolving tax disputes.
The Kingdom of Bahrain joined the Inclusive Framework on BEPS in 2018 and remains committed to implementing the necessary measures to ensure its bilateral tax agreements comply with the framework’s standards, reinforcing transparency and international cooperation in tax matters while preventing tax avoidance and evasion.
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