Bahrain and Switzerland sign the Convention for the Elimination of Double Taxation

Manama, Nov. 23 (BNA): The Minister of Finance and National Economy, His Excellency Shaikh Salman bin Khalifa Al Khalifa and the Assistant Secretary of State and Head of the Middle East and North Africa Division, Federal Department of Foreign Affairs of Switzerland, Her Excellency Ambassador Maya Tissafi, today signed the Convention and Protocol for the Elimination of Double Taxation with respect to Taxes on Income and on Capital and the Prevention of Tax Evasion and Avoidance (the Convention) between the Government of the Kingdom of Bahrain and the Swiss Federal Council. HE the Minister of Finance and National Economy welcomed the signing of the Convention, adding that the agreement is an important step towards strengthening existing economic and investment cooperation between Bahrain and Switzerland. Furthermore, HE highlighted that the agreement is a representation of the Kingdom’s efforts to support an economic environment that encourages international investment. On this note, HE stressed the importance of conventions like the one signed today in attracting foreign direct investments which will in turn enhance Bahrain’s economic competitiveness in line with its sustainable development goals. The signed Convention aims to enhance cooperation on tax matters, including measures to avoid double taxation on persons resident in both or either Bahrain or Switzerland, as well as provisions applicable to the taxes on income and capital imposed on behalf of either country. The signing of the Convention is part of the Kingdom’s commitment to strengthening internationally agreed standards on the Transparency and Exchange of Information for Tax Purposes and prevention of tax evasion and avoidance, as set out by the G20 and Organisation for Economic Cooperation and Development (OECD). To date, Bahrain has signed a total of 45 double taxation conventions with jurisdictions around the world.