Bahrain Mirror: Bahrain's House of Representatives approved on Tuesday (March 27, 2018) a joint administrative assistance agreement on tax matters to steer clear from blacklists.

Bahraini Finance Minister Ahmed bin Mohammed Al Khalifa said that "not joining it would affect Bahrain's financial position and render it on the blacklist."

He pointed out that the Global Forum on Transparency and Information Exchange consists of 149 countries, including Bahrain, and 102 of which are committed to the agreement, stressing that Bahrain should take part in this agreement because of its advanced international financial position and its distinguished record in conformity with international laws and conventions .

EU ministers had lifted Bahrain, the Marshall Islands and St. Lucia from the blacklist of tax havens on Tuesday (March 13, 2018), while adding Saint Kitts and Nevis, the US Virgin Islands and the Bahamas to the list.

The EU governments have moved Bahrain, the Marshall Islands and St. Lucia from the blacklist to the grey watch list after they committed to change their tax practices.

Arabic Version