Sri Lanka Moves to Prevent Double Taxation

COLOMBO (News 1st); The Cabinet of Ministers has approved a proposal to sign a convention between Sri Lanka and Austria to prevent double taxation and curb tax avoidance and evasion. 

The proposal was presented by the President in his capacity as the Minister of Finance, Planning, and Economic Development.

The convention seeks to establish a legal framework that will eliminate the burden of double taxation on income and capital for individuals and businesses operating between the two countries.

While the agreement may result in certain revenue concessions, the government anticipates that the long-term benefits—particularly in terms of increased foreign investment and foreign exchange inflows—will significantly outweigh any short-term fiscal impact.