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10/07/2009 – The Kingdom of Bahrain has recently signed double taxation conventions with Bulgaria (26 June 2009) and Austria (2 July 2009) that provide for exchange of information in accordance with the OECD standard. These agreements bring to 12 the number of agreements that Bahrain has signed that meet the OECD standard. As a result, Bahrain can be considered as having substantially implemented the internationally agreed standard in this area.

As a consequence, the Progress Report initially published by the OECD Secretariat on 2 April 2009 in conjunction with the G20 has been updated, and Bahrain moves into the category of “Jurisdictions that have  substantially implemented the internationally agreed tax standard.”

Welcoming the recent signings, Mr. Jeffrey Owens, Director of the OECD’s Centre for Tax Policy and Administration said: “OECD and Bahrain have for many years worked together both in the tax and other areas. Bahrain has also been a very active participant in the OECD Global Forum. It is in this context that I welcome the recent signings by Bahrain. Today we have moved Bahrain into the group of countries that have substantially implemented the internationally agreed tax standard. I look forward to Bahrain continuing to extend its network of agreements and to the swift and effective implementation of these agreements”.