14 October 2010 - A Protocol to the Bahrain-Malaysia Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Government of the Kingdom of Bahrain and the Government of Malaysia.
The Protocol was signed by H.E. Sheikh Ahmed bin Mohammed Al Khalifa, the Minister of Finance, and H.E. Dato' Syed Sultan Idris, Malaysian Ambassador to Bahrain.
The Protocol amends the existing Double Taxation Agreement by inserting a new Article which allows the competent authorities in the two countries to exchange relevant tax information.
The Protocol ensures that the Agreement complies with the standard on Exchange of Tax Information set by the Organisation for Economic Co-operation and Development (OECD) and endorsed by the G20.
Both sides expressed their satisfaction with the Protocol and commended its role in enhancing economic co-operation and joint investment between the two countries.