Sri Lanka to revise double taxation agreement with Denmark
Jun 07, 2019 05:27 AM GMT+0530 | 1 Comment(s)
The governments of Sri Lanka and Denmark will enter into an agreement on taxation on revenue
ECONOMYNEXT- Sri Lanka will be signing a revised double taxation agreement with Denmark to include revenue taxes, the cabinet office said.
"With the expectation of improving the economic relations between the two countries, Sri Lanka and Denmark has entered into an agreement at official level for avoidance of double taxation and prevention of fiscal evasion pertaining to economic activities," the cabinet office said.
The cabinet approved Finance Minister Mangala Samaraweera's proposal to sign the agreement at Government level and present it in parliament for approval.
Sri Lanka already has a double taxation agreement with Denmark for income tax and capital taxes, which was signed in 1963 and was revised in 1981.
Double taxation agreements help developing countries attract investments from foreign countries, as it avoids taxing income twice in each country.
Sri Lanka currently has double taxation agreements with 44 countries. (Colombo/Jun07/2019)