The proposal to sign the Convention between Sri Lanka and Austria to prevent the double taxation and avoidance, and evasion of public finance, has received a Cabinet nod.
According to the government, a convention has been proposed between Sri Lanka and Austria to expand economic relations between the two countries by establishing a necessary legal framework for the prevention of double taxation on income and capital and to prevent the avoidance and evasion of payment of taxes.
The government states that although certain revenue may be lost due to the concessions awarded by the proposed convention, the benefits that could arise from the considerable increase in foreign investment promotions and foreign exchange earnings would be comparatively advantageous to Sri Lanka.
As such, the Cabinet of Ministers has approved the proposal presented by the President, in his capacity as the Minister of Finance, Planning, and Economic Development, to sign the said convention. (Newswire)
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