On 26 May 2015, officials from Bahrain and Portugal signed an income tax treaty. The treaty is the first of its kind between the two countries, and will enter into force after the ratification instruments are exchanged. It provides a 10% withholding tax rate on dividends if the beneficial owner is a company directly holding at least 25% of the paying company's capital; otherwise the rate is 15%. A 10% withholding tax rate applies for interest, and the rate for royalty payments is 5%. Additional details will be published once available.