Sri Lanka, Nov. 25 -- The Cabinet of Ministers has granted approval to sign the protocol amending the Agreement on the Avoidance of Double Taxation and the Prevention of Fiscal Evasion between the Democratic Socialist Republic of Sri Lanka and the Government of the Grand Duchy of Luxembourg.

Sri Lanka and Luxembourg have entered into an agreement to avoid double taxation on 31-01 2013, and both countries are members of the Inclusive Framework of the Base Erosion and Profit Shifting (BEPS) Project. The members of this project should implement at least the minimum standards of the G-20 OECD BEPS Action Reports.

In line with these obligations, the tax officers of Luxembourg have submitted a few amendments to the aforementioned agreement in...