Mar 21, Colombo: Sri Lanka will sign a revised agreement with Singapore for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income, the government media unit said.
The Cabinet of Ministers has granted approval for the President, in his capacity as the Minister of Finance and planning, to sign the revised agreement at Government level and to present it in Parliament for approval in terms of the provisions of the Inland Revenue Act, No.10 of 2006.
The negotiation to revise the existing Agreement with Singapore which was signed in 1979 was held at the Inland Revenue Authority of Singapore in Singapore. The revised Agreement was initiated at official level on October 24, 2013.
The Avoidance of Double Taxation agreements 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.