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| Sunday, 7 April 2002 |
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Double tax avoidance treaty with UAE Sri Lanka will shortly sign a double tax avoidance treaty and investment protection and promotion agreement with the United Arab Emirates. Minister of Commerce and Consumer Affairs Ravi Karunanayake said he had made a brief visit to Dubai last month to do the necessary preparatory work for the signing of the agreement and to open a Sri Lanka trade stall there. UAE will be the 27th country to sign a double tax avoidance treaty (with Sri Lanka???) along with Saudi Arabia, India and Pakistan. Minister Karunanayake has invited investors to come to Sri Lanka. He said: "The response from investors in UAE particularly from the petroleum sector was very encouraging. Several investors have made positive inquiries from us." The Minister had told a group of journalists from the Gulf that petroleum, infrastructure, ports, capital intensive industries such as textile plants, automobile and cement industries are some of the areas that investments are invited for. Explaining the ongoing peace process, the Minister has said: "Near normalcy has returned after almost 23 years of war." He has also said that bureaucratic bungling, mismanagement of State funds and other misdeeds have made matters even worse. Providing 15-year tax holidays for new ventures and amending labour laws for smooth labour management relations were done to facilitate new investments, he said. |
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