On 4 July 2018, the King of Bahrain, Hamad bin Isa Al Khalifa, signed 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 and provides for the following withholding tax rates:

• Dividends – 5% if the beneficial owner is a company directly holding at least 25% of the paying company's cap…