Bahrain has extended its tax information exchange network and moved out of a grey list into the list of jurisdictions that have implemented the internationally agreed tax standard, said a Paris-based economic cooperation entity.

The Organisation for Economic Co-operation and Development (OECD) has announced that by signing double taxation conventions (DTC) with Bulgaria and Austria, Bahrain has signed 12 agreements that meet the OECD standard.

As a result, Bahrain has substantially implemented the internationally agreed standard in this area.

"OECD and Bahrain have for many years worked together both in tax and other areas," said OECD centre for tax policy and administration Jeffrey Owens.

"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,” he added.

"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."

"Bahrain currently has 16 DTCs in force with various countries and we are expecting a future eight to be ratified and in force in the near future," said Finance Ministry director of foreign economic relations Sami Mohammed Humaid.

"This decision by the OECD further enhances Bahrain's international reputation as a well regulated international financial centre and the ministry looks forward to negotiating many more DTCs with countries both within and outside of the OECD." – TradeArabia News Service