Global Forum upgrades kingdom’s key ratings

MANAMA: Bahrain has received a ratings upgrade by the global organisation on the exchange of tax information around the world.

A statement said the Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has approved Bahrain’s Second Round Exchange of Information on Request Peer Review Report, with an overall rating of “Compliant”.

This rating is a step forward after being classified as “Largely Compliant” in 2013.

Finance Ministry assistant under-secretary for development and revenue policies Rana Faqihi said the rating, the first in the region, enhances Bahrain’s status as a leading financial centre, and reflects the Global Forum’s appreciation of Bahrain’s adherence to the internationally agreed standard on tax transparency and exchange of information.

She stressed the positive impact of the rating on the financial and banking sector in Bahrain.

The evaluation process lasted for more than nine months and thoroughly assessed Bahrain’s ability and effectiveness in exchanging tax information on request with its treaty partners.

Bahrain joined the Global Forum in 2010, which now has more than 150 members and ensures the implementation of internationally agreed standards of transparency and exchange of information in areas relating to taxation.

The kingdom has signed 50 bilateral exchange of information mechanisms, of which 48 are in force, along with the multilateral Convention on Mutual Administrative Assistance in Tax Matters, which entered into force for the country on September 1, 2018.

Source: http://www.gdnonline.com/Details/426544