SL to enter double taxation avoidance deal with KSA

The Cabinet nod has been granted to enter into an accord with the Kingdom of Saudi Arabia to prevent double taxation and tax evasion.
President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stability and National Policies on Monday sought the approval of the Cabinet of Ministers to sign the accord   at diplomatic level, and to submit the same to parliament for approval as per the provisions of Section 75 (1) of Inland Revenue Act No. 24 of 2017.

“Agreement has been made for the accord between the Democratic Socialist Republic of Sri Lanka and the Kingdom of Saudi Arabia to prevent double taxation on income and prevent evasion of taxes at officer level,” the Department of Government Information said.
The Attorney General’s clearance as to the proposed accord complies with the Section 75 (3) of the Inland Revenue Act No. 24 of 2017 has already been received.
Accordingly, the Ministry of Foreign Affairs has agreed to sign the proposed accord shortly.