Bahrain, 14 January, 2025 : The Shura Council in Bahrain has approved a mutual taxation agreement with the UAE, aimed at avoiding double taxation and fostering investment between the two nations. Financial and economic affairs committee rapporteur Sadiq Al Rahma highlighted the agreement’s role in creating a stable investment environment, eliminating tax barriers, and enhancing transparency to combat tax evasion.
Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa noted the UAE’s $2 billion investments in Bahrain, alongside significant trade and business activity, including 1,200 Bahraini companies with UAE investors and over $1 billion in exports and imports annually between the two countries.
The council also approved a similar agreement with Hong Kong to promote economic and investment cooperation, with a final vote set for the next session.
Separately, the Shura Council marked Bahrain Diplomatic Day and reviewed ministerial responses on marine violations, food labeling, and Tamkeen’s renewable energy initiatives.
Source : www.zawya.com
