New US-Lanka protocol on taxation
[September 24, 2002  - 9.30 GMT]

The United States of America and Sri Lanka signed a protocol amending the 1985 bilateral income tax convention September 20.

US Assistant Secretary of State for South Asia Christina Rocca and Sri Lanka’s Economic Reforms Minister Milinda Moragoda signed the protocol on behalf of the two countries.

“The Protocol reflects changes in the laws and policies of both countries since the signing of Double Taxation Convention in 1985,” a Foreign Ministry press release stated.

The amended convention contains provisions to facilitate investment between the two countries by addressing the issues of taxation of cross-border payments, investment income, business profits and capital gains and other types of income.

It also provides for the exchange of information on tax matters.

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Last Updated Date: September 24, 2002  - 9.30 GMT.