July 13, Colombo: Sri Lanka will sign an agreement with India to avoidance Double Taxation soon, the government media unit said.

The Cabinet of Ministers has granted approval for the President to introduce certain amendments to the draft agreement for the avoidance of double taxation and prevention of Fiscal evasion in respect of taxes on income.

The approval has been granted to the proposal based on the negotiations held subsequently in Colombo.

Cabinet has approved the signing of the Draft Agreement with India at Government level and for its presentation in Parliament.

The agreement will eliminate the double payment of taxes by nationals and enterprises of each of the two countries in the territory of the other. Sri Lanka currently maintains such agreements with 41 countries.