Shura Council Backs Deals on Taxation and Investment
The Shura Council on Sunday approved an agreement with Guernsey to remove double taxation on income tax and curb tax evasion. The decision was made in a session lasting under half an hour, with only one remark from Women's and Children's Affairs Committee chairwoman Lina Qassim.
The agreement is intended to strengthen economic ties between Bahrain and Guernsey, particularly in tax matters. It sets out terms to prevent companies and individuals from being taxed twice on the same income and includes provisions to address tax avoidance. Officials say this could encourage investment and trade between the two sides.
Council members also backed a law approving an investment protection agreement between Bahrain and Hungary. The arrangement aims to provide clear terms for investors from both countries, outlining rights and responsibilities for those operating in the other's market. It is designed to ensure a fair approach to investment rules and obligations.
In addition, the Council gave final approval for Bahrain's accession to the 1969 Vienna Convention on the Law of Treaties, as set out in Decree No. (85) of 2004. A separate vote was held on a change to the law governing tobacco use, with approval granted for an amendment to Article (20).
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