1. Dividends paid by a company which is a resident of a Contracting State to a resident of the other Contracting State may be
    taxed in that other State.

2. However, such dividends may also be taxed in the Contracting State of which the company paying the dividends is a
    resident and according to the laws of that State, but if the beneficial owner of the dividends is a resident of the other
    Contracting State, the tax so charged shall not exceed:

    a. 0% (zero per cent) of the gross amount of the dividends if the beneficial owner is a company the capital of which is wholly or
        partly divided into shares and which holds directly at least 10% (ten per cent) of the capital of the company paying the dividends;
    b.10% (ten per cent) of the gross amount of the dividends in all other cases.

3. The competent authorities of the Contracting States shall by mutual agreement settle the mode of application of paragraph 2.

4. The provisions of paragraph 2 shall not affect the taxation of the company in respect of the profits out of which the dividends are paid.

5. The term 'dividends' as used in this Article means income from shares, 'jouissance' shares or 'jouissance' rights, mining shares,
     founders' shares or other rights, not being debt-claims, participating in profits, as well as income from other corporate rights which
     is subjected to the same taxation treatment as income from shares by the laws of the State of which the company making the
     distribution is a resident.

6. The provisions of paragraphs 1, 2 and 8 shall not apply if the beneficial owner of the dividends, being a resident of a Contracting State, 
    carries on business in the other Contracting State, of which the company paying the dividends is a resident, through a permanent
    establishment situated therein and the holding in respect of which the dividends are paid is effectively connected with such permanent
    establishment. In such case the provisions of Article 7 shall apply.

7. Where a company which is a resident of a Contracting State derives profits or income from the other Contracting State, that other State
    may not impose any tax on the dividends paid by the company, except insofar as such dividends are paid to a resident of that other State
    or insofar as the holding in respect of which the dividends are paid is effectively connected with a permanent establishment situated in
    that other State, nor subject the company's undistributed profits to a tax on the company's undistributed profits, even if the dividends paid
    or the undistributed profits consist wholly or partly of profits or income arising in such other State.

8. The provisions of paragraphs 1, 2 and 7 shall not prevent the Netherlands from applying its national legislation, the so-called 'preserving 
     tax  assessment' ('conserverende aanslag'), which has been issued to an individual insofar it concerns a substantial interest, according to 
     Netherlands tax legislation, in a company which is resident in the Netherlands. The aforementioned shall only apply insofar the
     assessment or a part of the assessment is still outstanding.

9. With respect to dividends as meant in subparagraph (a) of paragraph 2 which are paid by a company which is a resident of the Netherlands,
     if, according to the law in force in Bahrain, taxation of such dividends in Bahrain will result in a tax burden of less than 10% (ten per cent)
     of the gross amount of the dividends, the Netherlands may levy a tax not exceeding 10% (ten per cent) of the gross amount of the dividends.

10. However, the provisions under paragraph 9 do not apply if the dividends are paid by a company which is a resident of the Netherlands and
      the beneficial owner of the dividends is the Government of Bahrain or any political subdivision or local authority thereof as defined in
      paragraph 2 of Article 4 and established in Bahrain, or a company resident in Bahrain and either:

      a. the capital of the company receiving the dividends is exclusively beneficially owned by the Government of Bahrain or any political
          subdivision or local authority thereof as defined in paragraph 2 of Article 4; or
      b. shares in such company are regularly traded on the Stock Exchange of Bahrain; or
      c. the company receiving the dividends is engaged in an active trade or business in Bahrain.

11. In the case a company does not fulfil one of the conditions laid down in paragraph 10, the provisions under paragraph 9 shall also not
       apply with respect to such company if it is established in mutual agreement by the competent authorities of the Contracting States, in
       conformity with Article 25 of the Convention, that such company is not established or maintained in Bahrain mainly for the purpose of
       ensuring the benefits of subparagraph (a) of paragraph 2 and provided that the company receiving the dividends is a resident of Bahrain
       and the beneficial owner of the dividends.

12. Notwithstanding the provisions of subparagraph (b) of paragraph 2, the Contracting State of which the company paying the dividends is a
       resident may tax the dividends at the rate under its domestic legislation in case the beneficial owner of the dividends is an individual and
       a resident of the other Contracting State as well as a resident of a third State. However, if the Contracting State of which the company
       paying the dividends is a resident, has concluded an Agreement for the avoidance of double taxation with the third state meant in the
       preceding sentence, the tax charged on these dividend payments shall not exceed the rate provided for dividends paid to individuals under that Agreement.

 The above information is the wording of the article dealing with the withholding tax on dividends of the tax treaty between The Netherlands and Bahrain.  Please note that the ultimate withholding tax rate may differ from the treaty rate, for instance as consequence of domestic anti-abuse legislation, provisions of the treaty protocol, etc. Before you use this information we therefore strongly recommend that you consult us to determine the accurate withholding tax rate for your specific situation. If you require our follow up, you can contact us via e-mail or call us at our offices: Ph. + 31 (10) 2010466.