Sri Lanka is set to enter into an agreement with the Government of Oman to avoid double taxation after Cabinet approval was granted to a proposal made by the Minister of Finance and Media Mangala Samaraweera yesterday.
The agreement relating to the avoidance of double taxation and the prevention of fiscal evasion covering the areas pertaining to interest, royalty and profit motivation on shipping services is being carried out in anticipation of enhancing economic relations and corporation between the two countries.
In March, Speaker Karu Jayasuriya led a multi-party Parliamentary delegation that undertook an official visit to the Sultanate of Oman at the invitation of State Council of Oman Chairman, Dr. Yahya bin Mahfoodh Al-Manthri.
The visit was a significant milestone in Sri Lanka-Oman bilateral relations, as it was the highest-level political visit to the Sultanate of Oman from Sri Lanka following the establishment of diplomatic relations between the two countries in 1981.
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