An agreement to avoid double taxation and prevent fiscal evasion with respect to taxes on income (DTA) was signed by Bahrain and the Czech Republic.

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 applies to taxes on income irrespective of the manner in which they are levied and covers all taxes imposed on total income, including taxes on gains from the alienation of movable or immovable property, takes on the total amounts of wages or salaries paid by enterprises, as well as taxes on capital appreciation.

The DTA represents Bahrain's 14th agreement which complies with Standard 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 30 DTAs.

Shaikh Ahmed welcomed the signing 'as a further step forward to enhancing economic co-operation and joint investment between the Bahrain and the Czech Republic and as complimenting the agreement for the promotion and protection of investment signed by the two countries on October 15, 2007.'

The signing ceremony was attended by a number of MOF and Czech Republic officials.-TradeArabia News Service