New Tax agreement between Sri Lanka & Saudi Arabia

January 26, 2023 at 2:32 AM

An agreement has been made for the signing of the accord between Sri Lanka and the Kingdom of Saudi Arabia to prevent double taxation on the income and prevent evasion of taxes at officer level.

The government stated that the Attorney General has confirmed that the accord has been completed as per section 75 (3) of the Inland Revenue Act No. 24 of 2017 while the Ministry of Foreign Affairs has agreed to sign the relevant accord.

Accordingly, the Cabinet of Ministers has approved the proposal presented by the President in his capacity as the Minister of Finance to sign the said accord at diplomatic level.

Cabinet approval has been granted to submit the proposal to the Parliament for the approval of the said accord as per the provisions of section 75 (1) of Inland Revenue Act No. 24 of 2017. (NewsWire)