Bermuda and Qatar in double taxation treaty
Bermuda has signed a double taxation agreement (DTA) with Qatar, raising hopes for increased cross- border trade between the nations.
The agreement, signed by Bermudan premier and minister of finance Paula Cox, will provide a legal framework to facilitate increased trade and investment between nations, limiting withholding taxes, and allocating the taxing rights of nations to ensure that investors’ income is not taxed twice. Bermuda signed a similar agreement with Bahrain in 2010
In a press statement Cox said: “Qatar local folklore describes the shape of the country as resembling the palm of a right hand extended in prayer, while Bermuda is shaped like a fish hook. With Bermuda using our hook in the West to attract new business and with Qatar using its hand in the GCC to secure further opportunity, a powerful partnership has been formed for the benefit of the people of our respective countries.”
The agreement with Bermuda marks the latest entry to Qatar’s network of 50 DTAs, and will permit the British Overseas Territory to market itself as an interconnecting domicile for investment to and from the other countries within the network.
“There is opportunity for Bermudian businesses large and small to explore cross border trade with Qatar and the GCC region” Cox said.