Bahrain-Georgia signs Double Taxation Agreement

Bahrain and Georgia on Monday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital (DTA) at the premises of the Ministry of Finance (MOF).
The agreement was signed by Finance Minister Shaikh Ahmed bin Mohammed Al Khalifa and the Georgian Ambassador to Bahrain Ekaterine Meiering-Mikadze.
The DTA will eliminate the double payment of taxes by nationals and enterprises of each of the two countries in the territory of the other. It covers all taxes imposed on total income, on total capital, or on elements of income or of capital, including taxes on gains from the alienation of movable or immovable property, taxes on the total amounts of wages or salaries paid by enterprises, as well as taxes on capital appreciation.
The DTA represents Bahrain’s 16th agreement which complies with the Standards on Exchange of Tax Information set by the Organisation for Economic Co-operation and Development (OECD) and endorsed by the G20. Bahrain has signed a total of 32 DTAs.
The Minister of Finance welcomed the signing as a step forward to further develop economic co-operation and joint investment between the two countries. He also commended the crucial role of the DTAs in providing the appropriate economic environment to attract more foreign direct investment and enhance the competitiveness of the national economy.
The Georgian Ambassador noted that the DTA is the first economic agreement that Georgia is signing with Bahrain. “The signing of such kind of agreement is an important step to the formation of a solid legal base to economic co-operation between our two countries as well as fostering joint ventures between the private sectors of both sides,” she added.
The signing ceremony was attended by a number of MOF officials.