Sri Lanka and India to amend double taxation agreement

Wednesday, 11 December 2024 00:20 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers at their meeting on Monday approved amending protocol to the 2013 Agreement for the Avoidance of Double Taxation and Prevention of Tax Evasion between Sri Lanka and India.

The updated protocol has received clearance from the Foreign Affairs, Foreign Employment and Tourism Ministry as well as the Attorney General, incorporates necessary changes to comply with these changes.

The revision aligns with the countries’ commitments under the Inclusive Framework of the Base Erosion and Profit Shifting (BEPS) Project, a global initiative led by the Group of 20 (G20) and the Organisation for Economic Co-operation and Development (OECD).

The amendments reflect both countries’ obligations to implement the minimum standards outlined by the BEPS action plan, designed to curb tax avoidance and promote transparency in international taxation.

The proposal to this effect was submitted by President Anura Kumara Dissanayake to sign the amended protocol. The signed document will then be presented to the Parliament in accordance with Section 75(1) of the Inland Revenue Act No.24 of 2017.