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Signing of the Agreement between Singapore and Bahrain for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income

18 Feb 2004

1 An Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Republic of Singapore and the Kingdom of Bahrain.

2 The signing took place in conjunction with Prime Minister Goh Chok Tong's official visit to Bahrain. Prof. S. Jayakumar, Minister for Foreign Affairs and Law, signed on behalf of Singapore while Mr. Abdulla Hassan Saif, Minister of Finance and National Economy, signed on behalf of Bahrain.

3 The Agreement aims to alleviate the burden of double taxation of income earned in one country by a resident of the other. It also makes clear the taxing rights between Singapore and Bahrain on all forms of income from cross-border economic activities between the two countries. There are also provisions for reduction or exemption of tax on certain types of income. The Agreement facilitates the cross-flow of trade, investment, financial activities and technical know-how between Singapore and Bahrain.

4 With the signing of this Agreement, Singapore has signed comprehensive Avoidance of Double Taxation Agreements with 52 countries. The Agreement will enter into force after its ratification by both countries. Details of the Agreement will be made available after the ratification.