Direct Tax Avoidance Agreements

Sri Lanka

[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY,

PART II, SECTION 3, SUB-SECTION (ii)]

GOVERNMENT OF INDIA

MINISTRY OF FINANCE

DEPARTMENT OF REVENUE

(CENTRAL BOARD OF DIRECT TAXES)

NOTIFICATION NO. 23/2014

DATED 28-3-2014

Whereas the annexed Agreement between the Government of the Republic of India and the Government of the Democratic Socialist Republic of Sri Lanka for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as DTAA) signed in India on the 22^nd day of January, 2013 shall enter into force on the 22^nd day of October, 2013, being the date of the later of the notifications after completion of the procedures as required by the laws of the respective countries for the entry into force of DTAA, in accordance with Article 30 of the said DTAA.

Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that the provisions of DTAA annexed hereto shall be given effect to in the Union of India with effect from the 1^st day of April, 2014.

[F. NO. 501/10/1995-FTD-I]

Annexure

AGREEMENT

BETWEEN

THE GOVERNMENT OF THE REPUBLIC OF INDIA

AND

THE GOVERNMENT OF THE DEMOCRATIC SOCIALIST REPUBLIC OF SRI LANKA

FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF

FISCAL EVASION

WITH RESPECT TO TAXES ON INCOME

The Government of the Republic of India and the Government of the Democratic  Socialist Republic of Sri Lanka, desiring to conclude an Agreement for the avoidance of  double taxation and the prevention of fiscal evasion with respect to taxes. on income and  with a view to promoting economic cooperation between the two countries,  have agreed as follows:

ARTICLE I

PERSONS COVERED

This Agreement shall apply to persons who are residents of one or both of the Contracting States.