Press briefing of Cabinet Decision taken on 2023-01-23

Convention between the Government of the Democratic Socialist Republic of Sri Lanka and the Kingdom of Saudi Arabia for the Avoidance of Double Taxation and the Prevention of Tax Evasion in respect of Taxes on Income

- It has been agreed at official level to the Convention between Sri Lanka and the Kingdom of Saudi Arabia for the Avoidance of Double Taxation and the Prevention of Tax Evasion in respect of Taxes on Income. The Legal Draftsman has confirmed that the said Convention is in order as per the section 75(3) of the Inland Revenue Act, No.24 of 2017 and the Ministry of Foreign Affairs has agreed to sign the relevant Convention. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to sign the aforesaid Convention at the government level and to submit the same to Parliament for approval in terms of the provisions of section 75(1) of the Inland Revenue Act, No.24 of 2017, was approved by the Cabinet.