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FINANCIAL NEWS
Bahrain signs economic pact with Malta
13 Apr 2010
(MENAFN) The governments of Bahrain and Malta have signed a convention for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income, Gulf Daily News reported.
The convention eliminates the double payment of taxes by nationals and enterprises of each country in the territory of the other. It applies to taxes on income imposed by each country or its political subdivisions or local authorities, irrespective of the manner in which they are levied.
This agreement is Bahrain’s 18th such treaty that complies with the standard on exchange of tax information set by the Organization for Economic Cooperation and Development (OECD) and endorsed by the G20 London Summit in April 2009.
Both countries said the signing was a step forward in developing bilateral co-operation in tax and economic matters.
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