Bahrain's Shura Council to Discuss Landmark Tax Agreement with Guernsey
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The Shura Council will convene tomorrow, Sunday, for the 21st session of the third legislative term, where several important matters will be reviewed. Among the key items on the agenda is the Foreign Affairs, Defense, and National Security Committee's report on a draft law concerning the ratification of an agreement between the Kingdom of Bahrain and the State of Guernsey. This agreement aims to eliminate double taxation on income taxes and prevent tax evasion.
The committee has recommended the approval of the draft law, which is designed to remove double taxation on income and capital taxes, thus reducing the opportunities for non-compliance or tax avoidance. By doing so, the agreement is expected to foster greater economic and commercial cooperation between the two countries, promoting transparency and facilitating the exchange of information between tax authorities.
This agreement is part of Bahrain's ongoing efforts to strengthen tax cooperation with international partners. It provides a legislative framework that helps mitigate the risks of double taxation, thereby creating a more stable investment environment. This will encourage businesses and individuals from both Bahrain and Guernsey to invest in each other's markets, boosting capital flows into Bahrain and opening up new investment opportunities.
In addition to the Guernsey agreement, the Council will also review another report from the Foreign Affairs, Defense, and National Security Committee concerning the draft law to ratify an agreement between the Government of Bahrain and Hungary. This agreement focuses on promoting and protecting investments and aims to enhance economic cooperation between the two countries.
The committee has recommended approval of this draft law as well. The agreement seeks to create a favorable environment for increased investments by offering legal protections for investors and encouraging commercial ventures. With its skilled workforce, growing economy, and developed infrastructure, Bahrain is positioning itself to attract high-value investments, which will drive job creation, increase foreign currency reserves, and support sustainable economic growth.
The investment protection agreement also promises to open new opportunities for Bahraini investors in Hungary, particularly in the technology and innovation sectors. This aligns with Bahrain's Vision 2030, which seeks to promote economic growth and diversify the economy while avoiding direct financial obligations.
Additionally, the Council will review a question directed to the Minister of Legal Affairs and Acting Minister of Labor, Ms. Nancy Dina Eli Khaddouri, regarding the monitoring mechanisms implemented by the Labor Market Regulatory Authority. Ms. Khaddouri seeks to ensure employers comply with agreed-upon wages in contracts, and the Minister will respond to this inquiry.
Another question will be addressed to the Minister of Transportation and Telecommunications, presented by Mr. Hisham Hashim Al-Qassab. The inquiry concerns the requirements and documents that companies and institutions must submit to obtain licenses for operating intelligent public transport application services. The Minister is also expected to provide a response.
The session promises to be an important one, with significant legislative matters on the agenda aimed at enhancing Bahrain's economic ties with international partners and improving its investment climate.
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