US President George Bush has called on the United States Senate for its lquote advice and consent on amending its legislation for avoiding double taxation and the prevention of fiscal evasion with Sri Lanka.
The amendments are sought for the convention between the US and Sri Lanka ldblquote for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income signed at Colombo on March 14, 1985, together with an exchange of notes, signed at Washington on September 20, 2002 (the “Protocol”),
dblquote says a communiqu’e9 issued on Thursday. rn
rnThe protocol seeks to amend the convention governing the issue to make it similar to tax treaties between the United States and other developing nations. rn
rnUS officials say the new convention would provide maximum rates of tax to be applied to various types of income and protection from double taxation of income. rn
rnThe amended convention also provides for resolution of disputes and sets forth rules making its bene