The Shura Council discusses in its twenty -first session in the third session of the sixth legislative term, which will be held tomorrow, Sunday, the report of the Foreign Affairs, Defense and National Security Committee on 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 preventing tax evasion and avoiding, which includes the committee’s recommendation to agree to the draft law. To remove the tax duplication with regard to taxes on income and capital, in a manner that would reduce the chances of not being subjected to taxes or tax reduction 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 contracting parties. The agreement comes within the efforts made to enhance Cooperation between the Kingdom of Bahrain and the states of Gennzi regarding tax issues, and thus provides a legislative environment that reduces the risks associated with double tax duplication. This type of agreements contributes to creating a stable investment environment by avoiding imposing double taxes on the same income in two different countries, as well as removing tax obstacles, which contributes to encouraging individuals and companies, whether from the Kingdom of Bahrain or the states of Gennzi to invest The mutual, creates new investment opportunities for citizens, and allows capital to flow to the Kingdom. The Council also discusses 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 government of Hungary to encourage and exchange investment protection, which includes the committee’s recommendation to agree to the draft law. The agreement aims to encourage and protect investment and enhance economic cooperation in the financial and economic fields between The Kingdom of Bahrain and the state of Hungary, by creating an appropriate environment for increasing investment between the two parties, and stimulating individual commercial initiatives. These agreements are settled in a basic pillar and an important step to encourage and attract foreign investment to the Kingdom, given the legal protection that investors are searching for when thinking about entering new markets, in addition to the presence of qualified workforce forces and an economy that grows in a cumulative manner and an advanced infrastructure that enhances the ability of the Kingdom Bahrain is to attract value -added investments, which enhance the flow of capital, create more job opportunities, increase reserves of foreign currencies, support sustainable economic growth. The agreement to protect and encourage investment is enhanced by Bahraini investor opportunities in investing in the Hungary country that is famous for the technology and innovation industry, and contributes to increasing the chances of Bahraini investor in markets with promising opportunities. In addition, it is consistent with Bahrain Vision 2030, the policy of economic openness, and the esteemed government’s efforts to enhance economic growth, increase revenues and the diversity of the economy, especially as it does not carry direct financial obligations. The council will notify the question addressed to His Excellency the Minister of Legal Affairs, the Agency’s Minister of Labor, and submitted by His Excellency Mrs. Nancy Dina Eli Khadouri regarding the mechanisms and regulatory means adopted by the Labor Market Regulatory Authority in coordination with the competent authorities to ensure the commitment of employers to pay the agreed wages in the contracts concluded, and the Minister responded to it, as well as the question directed to His Excellency the Minister of Transportation and Communications, and submitted by Hisham Hashem Al -Qassab regarding The requirements and documents that companies and institutions must fulfill and submit them to license them by carrying out the activity of smart public transport applications services, and the Minister responded to it.
