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| Sunday, 29 September 2002 |
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US, Lanka sign new protocol on income tax treaty The US Department of the Treasury has announced the signing of a protocol to amend the 1985 bilateral income tax convention between United States and Sri Lanka. The new protocol amends a convention signed in 1985, but not entered into force. The protocol was signed by US Assistant Secretary of State for South Asia Christina A. Rocca and Minister of Science, Technology and Economic Reform Milinda Moragoda. These amendments modernise the convention to reflect changes in the laws and policies of both countries since 1985. The convention, as amended by the protocol contains provisions to facilitate investments between the two countries by addressing the taxation of cross-border payments of investment income, business profits and capital gains and other types of income. The convention and protocol also provide for the exchange of information on tax matters. The protocol, which replaces an earlier protocol signed in 1991, will be sent to the US Senate for its advice and consent to ratification. If the Senate approves the protocol and the convention comes into force, it will represent the first income tax treaty between the two countries. |
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