Sri Lanka inks Agreement with Luxembourg
An agreement on Avoidance of Double Taxation (DTA) between Sri Lanka
and Luxembourg was signed recently in Luxembourg. Sri Lanka's Ambassador
to Belgium, Luxembourg and the Head of Mission to the European Union,
P.M. Amza, signed the agreement on behalf of the Government of Sri Lanka
while Luc Frienden,Minister of Finance of Luxembourg signed it on behalf
of the Government of Luxembourg.
The signing of the DTA took place following the presentation of the
Letters of Credence by Ambassador Amza, to Grand Duchy of Luxembourg on
Speaking at the event, Finance Minister Luc Frienden stated that the
business community from both countries should make use of the benefits
generated by signing this Agreement.Ambassador Amza reciprocating
similar sentiments and recalling that in 1982, the two countries agreed
and signed an Investment Promotion and Protection Agreement, said that
the businesses in both countries could use both these legal instruments
on trade to enhance the flow of trade and business activities.
Given that both Luxembourg and Sri Lanka are being designated as
major tourist destinations, investment projects in areas of tourism, has
the potential for mutual cooperation and knowledge sharing. Similarly,
it is possible for Sri Lanka to closely work on BPO arrangements for
financial services sector in Luxembourg. Luxembourg's financial and
services sector in turn can benefit from the IT based services and
expertise of Sri Lanka.