During his official visit to the Sultanate of Oman, King Hamad bin Isa Al Khalifa has signed a significant memorandum of understanding (MoU) aimed at eliminating double taxation. This agreement comes at the invitation of His Majesty Sultan Haitham bin Tariq of Oman and underscores a deepening economic partnership between the two nations.
The MoU was officially signed by Shaikh Salman bin Khalifa Al Khalifa, Bahrain’s Minister of Finance and National Economy, alongside Nasser Al Jashmi, head of Oman’s Tax Authority. This agreement represents a pivotal step in bolstering tax cooperation and alleviating financial burdens for individuals who may reside in either of the two countries.
Rana Ibrahim Faqihi, CEO of the National Bureau for Revenue, highlighted the vital role of such agreements in enhancing economic ties. She expressed that this initiative is designed to foster collaborative efforts that will benefit both Bahrain and Oman, enriching their economic landscapes and promoting further development.
The implications of this agreement extend beyond regulatory frameworks; it actively promotes stronger economic relations, enhancing avenues for investment and trade. By eliminating double taxation, it encourages both countries to seek opportunities for strategic collaboration, ultimately paving the way for shared growth and prosperity.
As Bahrain and Oman continue to redefine their economic interactions, this MoU serves as a promising foundation for future initiatives aimed at strengthening bilateral relations.
