Bahrain has ratified Multilateral Competent Authority Agreement for CbCR

In 2019, Bahrain signed the Multilateral Competent Authority Agreement for Country-by-Country Reporting. Through a recent publication in the official gazette on 28th January, 2021, Bahrain has ratified Multilateral Competent Authority Agreement for CbCR with effect from 29th January, 2021.

This was an expected updating owing to more focus of the Middle East region towards tax transparency and adoption of Base Erosion and Profit Sharing (BEPS) minimum standards. With this ratification, Bahrain has become the 6th country in the region to implement CbC regulations. Earlier the same was done by Saudi Arabia, Qatar, Egypt , UAE and Oman.

It could be anticipated that formal list of CbC regulations will be published by Bahrain soon.