Bahrain and Barbados signs double taxation avoidance deal

By added on 04/12/2012

An agreement for the avoidance of double taxation and prevention of fiscal evasion was signed with the government of Barbados, reports Gulf Daily News.

The double taxation agreement (DTA) will eliminate double payment of taxes by nationals and enterprises of both countries in their territories.

It was signed by Finance Minister and Minister in charge of Oil and Gas Affairs Shaikh Ahmed bin Mohammed Al Khalifa, and visiting Barbadian Foreign Affairs and Foreign Trade Minister Maxine McClean.

It covers all taxes imposed on total income, total capital, or on elements of income or capital, including taxes on gains from the alienation of movable or immovable property.

The signing of the agreement was a step forward in further developing economic co-operation and joint investment between the two countries, said Shaikh Ahmed.

"DTAs provide the appropriate economic environment to attract more foreign direct investment and enhance the competitiveness of the national economy," he said. Bahrain has signed a total of 39 DTAs.