The UAE and Sri Lanka have agreed to a comprehensive double-taxation arrangement which will boost investment and strengthen economic ties between the two countries.
Due to come into effect at the end of 2002 after the conclusion of the next round of talks scheduled for next year, the agreement was signed in draft form by Dr Hamed Naser Mohammed, chief of International Economic Relations at the Ministry of Finance and Industry in Abu Dhabi and Dayani de Silva, commissioner of Sri Lanka's inland revenue service.
The two countries have already entered a double-tax avoidance arrangement but this is limited to transactions concerning international air transport. The UAE and Sri Lankan airlines jointly own and manage Sri Lanka's national carrier.
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