MANAMA: A memorandum on a proposed law ratifying an agreement on the encouragement and protection of investments between both the Kingdom of Bahrain and the Russian Federation was approved by the Cabinet.
The Official Government Spokesperson and State Minister for Information Affairs Sameera Rajab told reporters that the agreement aims at encouraging and protecting investments between the two nations. It also includes mechanisms adopted for redressing disputes between the two contracting parties. The document was presented by the Minister of State for Defence and Vice-President of the Ministerial Committee for Legal Affairs, she added.
Another memorandum, a similar draft law between the Government of the Kingdom of Bahrain and the Government of Tajikistan, was also approved.
“The agreement also aims to create optimum conditions for enhancing cooperation between the two countries. The major cooperation is in investment. It also includes provisions for dispute redressal,” the Spokesperson added.
“A memorandum presented by the Minister of State for Defence, Vice-President of the Ministerial Committee for Legal Affairs, on the draft law ratifying the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income between the Government of the Kingdom of Bahrain and the Government of Tajikistan,” she said.
The agreement will provide legal, regulatory and economic environment for avoiding double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains tax between the two countries.