South Korea and Bahrain signed an agreement for the Avoidance of Double Taxation (‘DTA’) to promote economic co-operation and joint investment between the two countries.
The agreement details the taxing rights of each country and provides for the elimination of double taxation on income which may occur as a result of cross-border economic activities between the two countries.
The agreement was one of a number signed during a three-day state visit by a senior Bahrain delegation led by His Royal Highness Prince Salman Bin Hamad Al-Khalifa, the Crown Prince of Bahrain and Chairman of the Economic Development Board (EDB), including representatives from the EDB, Bahrain Chamber of Commerce & Industry (BCCI), eGovernment Authority (eGA) and the private sector.
In addition to the Double Taxation Agreement, a number of commercial, economic and cultural cooperation agreements were made between the two counties, including the launch of The Bahrain Korean Friendship Society, established with the aims of strengthening friendly relations and understanding between the people of Bahrain and Korea, and encouraging cooperative relationships in economic, cultural, sports, tourism and scientific fields