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of <h1>India-Sri Lanka Protocol: Avoid Double Taxation, Set 7.5% Withholding Tax on Dividends, English Text Prevails for Clarity.</h1> The governments of India and Sri Lanka signed a protocol on January 22, 2013, as part of the Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion. It specifies that profits from a permanent establishment in a contracting state should be calculated based on activities conducted there, not total receipts. Domestic laws more beneficial to residents of the other state will take precedence over the agreement. The withholding tax rate on dividends is set at 7.5%, subject to review after three years. The protocol is signed in Hindi, Sinhala, and English, with the English text prevailing in case of interpretation issues.
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