The US Government revealed late last week that it has signed a new protocol updating the existing 1985 Income Tax Convention with Sri Lanka, which has never entered into force.
Assistant Secretary of State for South Asian Affairs, Christina Rocca attended the meeting on behalf of the United States, with the Sri Lankan government represented by Milinda Moragoda, Minister for Economic Reform, Science, and Technology. Ms Rocca cited the amendment of the treaty as 'one more example of the United States' expanding relationship with Sri Lanka', and praised the Sri Lankan government for the recent steps taken towards ending the civil war which has ravaged the country since 1983.
An US government statement revealed that: 'These amendments modernize the convention between the two countries to reflect the changes in the laws and policies of both countries since it was signed.'
It continued: 'The convention, as amended by the new protocol, contains provisions to facilitate investment between the two countries by addressing the taxation of cross-border payments of investment income, business profits, capital gains and other types of income. The convention and protocol also provide for the exchange of information on tax matters.'
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