Fresh boost for Lanka, Luxemburg ties

Monday, 4 February 2013 00:00 - - {{hitsCtrl.values.hits}}

Two nations sign deal on avoidance of double taxation
Greater scope for more trade, ventures in tourism, financial services, BPO

Scope to boost ties between Sri Lanka and Luxemburg has got a fresh boost following the signinig of agreement on avoidance of double taxation last week.

Sri Lanka Embassy in Brussels said the signing of the Avoidance of Double Taxation (DTA) agreement took place on 31 January following the presentation of the Letters of Credence by Sri Lanka’s Ambassador to Belgium, Luxemburg and the Head of Mission to the European Union Ambassador P.M. Amza to Grand Duchy of Luxemburg on 30 January.

Minister of Finance of Luxemburg Luc Frieden signed it on behalf of the Government of Luxembourg.

Speaking at the event, Minister Frienden stated that the business community from both countries should make use of the benefits generated by signing this agreement.

Ambassador Amza, reciprocating similar sentiments and recalling that in 1982 the two countries agreed and signed an investment promotion and protection agreement, said that the businesses in both countries could use both these legal instruments on trade to enhance the flow of trade and business activities.

Given that both Luxemburg and Sri Lanka are being designated as major tourist destinations and investment projects in areas of tourism, there is potential for mutual cooperation and knowledge sharing.

Similarly, it is possible for Sri Lanka to closely work on BPO arrangements for the financial services sector in Luxemburg. Luxemburg’s financial and services sector in turn can benefit from the IT-based services and expertise of Sri Lanka.