Syed Hussein Al -Qassab
The Shura Council will discuss next Sunday the report of the Foreign Affairs, Defense and National Security Committee regarding a draft law to ratify the agreement between the government of the Kingdom of Bahrain and the states of Gennzi regarding the removal of double taxation regarding income taxes and prevention of evasion tax aviation accompanying decree 99 of 2024 where the size of mutual capital between the Kingdom and the states of Genesi, according to the Ministry of Finance and National Economy, is 143 million dinars, including investments operating in the oil sector in the oil sector The Kingdom of Bahrain, and multinationals operate in the state of Gennzi.
The Council also discusses in the same session the report of the Foreign Affairs, Defense and National Security Committee regarding a draft law to ratify the agreement between the government of the Kingdom of Bahrain and the Hungary government to encourage and exchange the protection of investments, accompanying Decree No. 84 of 2024, while the Ministry of Finance and National Economy revealed that the volume of non -oil trade exchange between Hungary and Bahrain reaches 39 million dinars.
In its views, the Ministry of Finance and National Economy indicated that the states of Gennzi belong to the British Crown, and enjoy one of the forms of autonomy, indicating that diplomatic representation and diplomatic relations with it are carried out through the embassy of the Kingdom of Bahrain to the United Kingdom, and there are several sister countries that have directed to conclude agreements with them, including the Kingdom of Saudi Arabia.
She explained that the agreements to avoid double taxation aim to remove the tax duplication with regard to taxes on income, on top of the capital, and prevent the actions that lead to not being subjected to taxes or tax reduction through evasion or tax aviation. It also aims to develop economic, commercial and investment opportunities and enhance cooperation in tax issues between the contracting parties.
For its part, the Ministry of Foreign Affairs expressed its support for the agreement presented, noting that the signing of such agreements contributes to encouraging foreign investments and enhancing their movement.
The Ministry of Finance and National Economy also indicated in its views that the Republic of Hungary is one of the developed countries in eastern Europe, and it has signed agreements with three countries from the Gulf Cooperation Council, which are the United Arab Emirates, the State of Kuwait, and the Sultanate of Oman. The Ministry confirmed that the statistics of the Information and Electronic Government Authority during the year 2023 show that the volume of non -oil trade exchange between the Republic of Hungary and the Kingdom of Bahrain reaches 39 million dinars, and the volume of direct investments with Hungary reaches 106 thousand dinars, and that these numbers are increasing, especially with the presence of galaxy and multinational companies in Bahrain, in which a number of Hungary citizens invest.
For its part, the Ministry of Foreign Affairs supported the offered agreement, and indicated that the signing of such agreements contributes to encouraging foreign investments and enhancing their movement.
She emphasized that the Kingdom of Bahrain is related to diplomatic relations with many countries around the world, and focuses primarily on regional stability, economic cooperation and cultural exchange, and that this agreement aims to develop economic, trade and investment relations between the Kingdom of Bahrain and Hungary, which contributes to creating
