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UAE signs tax accord with Sri Lanka

posted on 20/10/2001: 617 views

The UAE and Sri Lanka has signed a draft but comprehensive double-taxation agreement in a bid to boost investment and economic ties between the two countries. The agreement, which will come into effect at the end of next year, was signed here by Dr. Hamed Naser Mohammed, chief of International Economic Relations at the Ministry of Finance and Industry in Abu Dhabi and Dayani de Silva, commissioner of inland revenue. Sri Lanka and the UAE already have a limited double-tax avoidance agreement with regard to international air transportation.

Emirates and Sri Lankan airlines are joint partners in the ownership and management of Sri Lanka's national carrier. Inland Revenue deputy senior assessor B. A. D. D. Herath told Gulf News that the agreement signed in Colombo was aimed at investors and not at Sri Lankans working in the UAE. She said Sri Lanka was looking for investors in the fields of construction and oil exploration, adding that the country was keen on re-commencing oil exploration off the north-western coast of Mannar, the point closest to neighbouring India. Herath also said the agreement would also be of help to Lankans investing in the UAE. She said UAE investors in Sri Lanka would receive concessions when they invest via the Board of Investment which governs the country's free trade zone. The double tax agreement will however come into operation only after the next round of talks between Colombo and Abu Dhabi scheduled for mid-next year. (The Gulf News)


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