FROM THE OFFICE OF PUBLIC AFFAIRS

To view or print the PDF content on this page, download the free Adobe® Acrobat® Reader®.

The Treasury Department announced today the signing of a protocol to amend the 1985 bilateral income tax convention between the United States and Sri Lanka.

The new protocol amends the convention that was signed in 1985 but that has not yet entered into force.  These amendments modernize the convention between the two countries to reflect changes in the laws and policies of both countries since it was signed. The convention, as amended by the new protocol, contains provisions to facilitate investment between the two countries by addressing the taxation of cross-border payments of investment income, business profits, capital gains and other types of income. The convention and protocol also provide for the exchange of information on tax matters. Diplomatic notes interpreting the convention and protocol were exchanged at the time of signing.

The protocol signed today, which replaces an earlier protocol signed in 1991, will be sent to the Senate for its advice and consent to ratification. If the Senate gives its advice and consent and the convention enters into force, it will represent the first income tax treaty between the two countries.

Related Documents:

• Text of the Protocol