On 22 January 2018, the Bahrain Cabinet approved the law for the ratification of the new income tax treaty with Egypt. The treaty, signed 26 April 2016, will replace the 1997 tax treaty between the two countries. Withholding tax rates provided by the new treaty are as follows:

• Dividends - 5% if the beneficial owner is a company directly holding at least 25% of the paying company's capital; oth…