Not Twice

Catherine Chow, Public Relations Director – Group Marketing and Commercial Department of China Merchants Port Holdings Company (left) accepts the AFLAS award on behalf of CICT

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.