Sri Lanka & Luxembourg conclude negotiations on an Agreement [May 23 2011]

The Government of Sri Lanka & the Government of the Grand Duchy of Luxemburg have concluded negotiations on an Agreement for the Avoidance of Double Taxation and for the prevention of fiscal evasion with respect to taxes on income and on capital.

Following 4 days of deliberations held in Luxembourg, the texts were initialed on 20 May 2011 by Commissioner General of the Department of Inland Revenue of Sri Lanka K.M.S Kandegedara and Mr. Georges Bruch, Head of the International

Relations Division, Direct Tax Administration of Grand Duchy of Luxembourg, in the presence of Sri Lanka’s Ambassador to Belgium, Luxembourg and the EU Ravinatha Aryasinha. This agreement will come in to effect with the completion of necessary procedural and protocol formalities by both Governments.

The necessity for having such an agreement was highlighted during the regular

interaction with the Luxembourg business community by the Embassy, including during visits to Luxembourg by the Benelux Business Council of the Ceylon Chamber of Commerce in June 2010, the visit by representatives of financial and service sector companies who joined the Belgian Economic Delegation visit to Sri

Lanka in November 2010 and the visit of Sri Lanka’s Central Bank Governor Ajith Nivard Cabraal to Luxembourg in March 2011.