The Government of Sri Lanka & the Government of the Grand Duchy of Luxemburg have negotiated and concluded the Draft Convention for the Avoidance of Double Taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital to enhance economic relations between Sri Lanka and Luxembourg.

This agreement will come in to effect with the completion of necessary procedural and protocol formalities by both Governments.

Sri Lanka is expected to be benefitted through the promotion of foreign investments and earning of foreign exchange as a result of this Convention, stated the Minister of Mass Media and Information Keheliya Rambukwella.

The proposal made by the President Mahinda Rajapaksa to sign the draft Convention at Government Level and to present it in Parliament for approval in terms of Section 97(1) (a) of the Inland Revenue Act No.10 of 2006, was approved by the Cabinet.