Latest news with #ShaikhSalman
Arabian Business
09-05-2025
- Business
- Arabian Business
UAE, Bahrain enforce investment protection pact to strengthen bilateral economic ties
The UAE and Bahrain kicked off the implementation of their bilateral Investment Promotion and Protection Agreement. The agreement, which came into effect on Thursday, May 8, follows the completion of the required legal procedures by both sides, in accordance with the provisions of the agreement. The move reflects the strong fraternal ties and the growing economic partnership between the two brotherly nations and reaffirms their commitment to enhancing investment cooperation in a way that serves the interests of investors from both sides and supports the sustainable development goals of both countries, the two countries said. The agreement provides a comprehensive legal framework that ensures full protection for investments and strengthens mutual investor confidence by guaranteeing fair and equitable treatment and providing clear mechanisms for dispute resolution. In light of the rapid developments in the digital economy, the agreement underscores the importance of enhancing cooperation between the two countries in areas related to digital trade, including data protection, privacy, cybersecurity, intellectual property rights, and electronic signatures and authentication. It also promotes the exchange of best practices and the development of technical capacities. Shaikh Salman bin Khalifa Al Khalifa, Bahrain's Minister of Finance and National Economy, said the Kingdom of Bahrain places great importance on opening new avenues of cooperation with the United Arab Emirates, in light of the strong and longstanding fraternal relations between the two countries. He said the bilateral agreements between the two brotherly nations play a vital role in advancing joint cooperation in line with the visions and aspirations of the top leaderships of the two countries. He also highlighted his country's continued efforts to strengthen investment cooperation at the regional and international levels, having signed nearly 40 agreements to promote and protect investments. Mohamed bin Hadi Al Hussaini, UAE Minister of State for Financial Affairs, said the agreement's entry into force reflects the shared will to deepen bilateral economic relations, and marks a new milestone on the path toward greater Gulf economic integration. He added that it also reflects a flexible and forward-looking response to changes in the regional and global economic landscape, particularly in light of current global challenges that require intensified efforts to foster a more stable and attractive investment environment. The minister said the agreement will contribute to enhancing the competitiveness of both economies, besides opening new horizons for high-quality investments, particularly in priority economic sectors. He also said the agreement serves as a foundation for expanding the strategic partnership between the two countries by encouraging mutual investments, facilitating capital flows, and providing an investment environment based on transparency, fairness, and institutional integration.
Zawya
08-05-2025
- Business
- Zawya
Bahrain: Green light for new corporate tax
Bahrain - Parliament yesterday unanimously approved a new tax on multinational enterprises (MNEs). MPs held a retrospective vote on a royal decree issued by His Majesty King Hamad on the Domestic Minimum Top-up Tax for MNEs Law, during the National Assembly recess last year. Finance and National Economy Minister Shaikh Salman bin Khalifa Al Khalifa said 348 multinational companies operating in Bahrain would fall within the scope of the new law, with projected annual tax revenues of approximately BD130 million. He added that the tax would prevent revenue loss and enhance Bahrain's economic environment by fostering stability and transparency. Shaikh Salman emphasised the government's dedication to fiscal sustainability and said the tax would also reinforce the country's attractiveness as a destination for responsible foreign investment. The minister's response followed a parliamentary enquiry from first deputy speaker Abdulnabi Salman regarding the anticipated impact of the tax on multinational projects operating in the kingdom. The minister highlighted Bahrain's participation in the Organisation for Economic Co-operation and Development (OECD) Inclusive Framework since 2018, alongside more than 140 countries, including GCC members. 'This initiative is part of global efforts to combat base erosion and profit shifting (BEPS), ensuring that profits are taxed where economic activities generating them take place,' he explained. 'By adopting the OECD's Pillar Two Model Rules, we are taking a proactive step to uphold international tax fairness, prevent revenue leakage and maintain Bahrain's reputation as a transparent and co-operative jurisdiction,' Shaikh Salman noted. Pillar Two establishes a global minimum corporate tax rate of 15 per cent for large multinational companies, applicable to firms operating in multiple countries and earning at least 750 million euros in revenues in at least two of the past four years. 'Implementing this tax prevents other countries from claiming taxes on profits generated in Bahrain,' Shaikh Salman said. Journalists were yesterday honoured at Parliament during a celebration to mark the Bahrain Press Day, which falls today, and the World Press Freedom Day, which was marked on Saturday. Celebrations were organised by MP Hamad Al Doy in the presence of Social Development Minister Osama Al Alawi and Parliament's financial and economic affairs committee chairman MP Ahmed Al Salloom. Earlier during the session, Parliament Speaker Ahmed Al Musallam read out a statement on both occasions. GDN Chief Reporter Mohammed Al A'ali was honoured for long time coverage of legislative work since its introduction in 2002. Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Daily Tribune
03-05-2025
- Business
- Daily Tribune
Global tax local benefit
TDT | Manama An estimated BHD130 million will be added annually to Bahrain's exchequer, when the new 15% global minimum corporate tax comes into play in the Kingdom. Small and medium-sized enterprises (SMEs) in Bahrain will not be directly affected by the tax, as it targets only companies meeting the high revenue threshold. In fact, the policy could help level the playing field by reducing the advantage large multinationals may have gained through tax avoidance. The new tax, part of a global agreement led by the Organisation for Economic Co-operation and Development (OECD), targets multinational enterprises earning over Euro 750 million in at least two of the past four years. Around 300 major companies in Bahrain will fall under this tax regime, according to the Minister of Finance and National Economy, Shaikh Salman bin Khalifa Al Khalifa. He explained that the move, designed to plug tax revenue losses and curb global tax avoidance, aligns Bahrain with over 140 other countries — including fellow Gulf states — that have signed up to the OECD's global tax framework. 'This tax places Bahrain as a credible, investment-friendly country where companies are encouraged to grow their local presence and support employment,' said the minister. 'It also ensures the Kingdom meets its international commitments and keeps pace with other countries already implementing similar rules.' The decision comes after thorough assessments with international bodies, including the OECD and the International Monetary Fund, to understand its economic impact. By complying with international tax stand - a r d s , t h e Kingdom aims to attract high-quality foreign investment — particularly from companies looking to expand their operations in a compliant and transparent market. Shaikh Salman made the announcement in response to a question by First Deputy Speaker Abdulnabi Salman in parliament. He also thanked lawmakers for their continued collaboration and reaffirmed the government's focus on the goals of Bahrain's Economic Vision 2030.
