On 9 March 2015, officials from Bahrain and Cyprus signed an income tax treaty. The treaty is the first of its kind between the two countries. Taxes Covered The treaty covers Bahrain income tax, and Cypriot income tax, corporate income tax, the special contribution for the Defense of the Republic, and capital gains tax. Hydrocarbon PE The treaty includes the provision that a permanent establishment will be deemed constituted if an enterprise of one Contracting State is directly engaged in the exploration for or production of crude oil or other natural hydrocarbons from the ground in the other State, or...