Today, the Shura Council discusses the report of the Foreign Affairs, Defense and National Security Committee regarding a draft law to ratify the agreement between the government of Bahrain and the Hungary government to encourage and exchange the protection of investments, accompanying Decree No. 84 of 2024, for a draft law to ratify the agreement between the Bahrain government and the Guardi states regarding the removal of the tax duplication with regard to taxes on income and preventing evasion and tax aviation, which includes the recommendation of the committee to agree to agree to agree to agree to agree to agree to agree to agree to agree The draft law.
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. The agreement with the Hungary government aims to encourage and protect investment and enhance economic cooperation in the financial and economic fields between Bahrain and Hungary by creating an appropriate environment to increase investment between the two parties and stimulate individual commercial initiatives.
The draft law consists of a preamble and two articles, the first article of it stipulates the ratification of the agreement between the government of the Kingdom of Bahrain and the Hungary government to encourage and exchange the protection of investments, which are liberated in the city of Manama on September 4, 2024, and accompanying this law.
In its views, the Ministry of Finance and National Economy shows that such agreements are established based on the desire of the two countries, with coordination between the relevant authorities from government ministries and bodies, to consider the priority of signing with any country.
She explained that Hungary is one of the developed countries in eastern Europe, and it has signed agreements with 3 countries from the Gulf Cooperation Council, the United Arab Emirates, the State of Kuwait, and the Sultanate of Oman.
The Ministry stressed that the statistics of the Information and Electronic Government Authority during the year 2023 show that the volume of non -oil trade exchange between Hungary and 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 gathering 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.
While the agreement between Bahrain and the states of Gennzi aims to remove the tax duplication with regard to taxes on income, and on top of the capital, in a manner that would reduce the chances not to submit to taxes or reduce taxes through tax evasion or avoidance, and thus contribute to developing economic, commercial and investment opportunities between the two contracting parties, as well as enhancing transparency and exchanging information between the tax authorities between the parties Contracting.
