The Jersey government has signed a Double Taxation Agreement (DTA) with the Kingdom of Bahrain aimed at supporting Jersey-based businesses operating in Bahrain and driving economic growth.
Under the terms of the agreement, Jersey individuals and companies in Bahrain will not suffer from double taxation, whereby income can be taxed in both the country where the activities take place and in their country of tax residence.
The treaty, signed in Bahrain earlier this week, marks the 16th DTA Jersey has signed and illustrates the importance the Island's financial services firms place on Bahrain and the wider Gulf region, a government statement said.
Minister for external relations deputy Ian Gorst said: “The signature of the Jersey-Bahrain DTA represents a win for Jersey and further reinforces the Island’s position as an excellent place to do business.
“Jersey’s global engagement must reap rewards for Islanders and, through this treaty and others like it, we are doing exactly that. From my meetings with Bahraini counterparts, it is clear Jersey continues to be held in high regard, and it is important that we continue to use these relationships to our advantage.”
Joe Moynihan, CEO of Jersey Finance, added: “The Double Taxation Agreement with Bahrain is another important addition to Jersey’s extensive treaty network.
“Bahrain is a valued partner in the Gulf, and this agreement will further enhance opportunities for cooperation and growth in financial services, reinforcing Jersey’s position as a trusted international finance centre.”
