Cabinet approval has been granted for the convention between the Governments of Sri Lanka and Austria for the prevention of double taxation and evasion and avoidance of public finance, to be signed at the government level.
The said convention concerning tax on income and capital has been drafted and signed at the official level after discussion with the tax authorities of the two countries.
As per the convention, in terms entered by Sri Lanka recently for the prevention of double taxation, the tax amount at a rate not exceeding 10% of the gross amount will be charged for interest and goodwill.
Accordingly, the Cabinet has approved the proposal presented by the President, in his capacity as a Minister of Finance, Economic Stabilization, and National Policy, to sign for the said convention at the government level and to submit the convention and accord that will be signed, as per the provisions of the Inland Revenue Act No. 24 of 2017. (Newswire)
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