Not Twice

Directory launched in the presence of Jagath Perera, CA Sri Lanka President, Manil Jayesinghe, CA Sri Lanka Vice President, Harsha Basnayake, Ernst & Young Asia Pacific Transaction Advisory Managing Partner, Aruni Rajakarier, Chairperson of the CA Sri Lanka Women Empowerment Committee, Anoji De Silva, Alternate Chair of the Women Empowerment Committee and Dulani Fernando, CA Sri Lanka CEO

June 26, 2011 (LBO) – Sri Lanka’s and Bahrain has signed an agreement to stop double taxation of interest and dividends from investment made in each country, the finance ministry said. The deal was signed between Sarath Amunugama, Sri Lanka’s mister for international monetary co-operation and Bahrain’s finance minister Shaikh Ahmed bin Mohammed Al Khalifa.

Under agreement royalties and interests will taxed at 10 percent. Dividends to state will e taxed at 5.0 percent, for companies 7.5 percent and 10 percent in other cases.

Shipping profits will be charged at 50 percent of the normal rate.