The Cabinet has approved the signing of a convention between Sri Lanka and Austria designed to prevent double taxation and address tax evasion.
The convention, covering taxes on income and capital, was drafted and agreed upon after discussions between the tax authorities of both countries.
Under the agreement, Sri Lanka will impose a tax rate not exceeding 10% on interest and goodwill.
The Cabinet has approved the President's proposal, in his role as Minister of Finance, to sign the convention and submit it in accordance with the Inland Revenue Act No. 24 of 2017.
Customs have detected 228 mobile phones and tabs valued at over Rs 30 million left behind in the duty free shopping complex at the Banaranaike International Airport today, Customs officials said.
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