Sri Lanka, Oman sign agreement on avoidance of double taxation and prevention of fiscal evasion

Aug 17, 2018 (LBO) - During the second meeting of the Sri Lanka-Oman bilateral consultations, held recently in Colombo, an agreement on avoidance of double taxation and prevention of fiscal evasion between Sri Lanka and Oman was signed by the leaders of the respective delegations. The Sri Lanka delegation to the bilateral consultations was led by Secretary to the Ministry of Foreign Affairs, Prasad Kariyawasam and the delegation of Oman was headed by the Under-Secretary for Diplomacy and Chief Master's Department of the Ministry of Foreign Affairs of Oman Mahmood Awad Al Hassan. Senior Officials of both Foreign Ministries participated in the discussions with several line Ministries and agencies representing Sri Lanka joining as well. During the meeting, Sri Lanka and Oman reaffirmed the commitment to further consolidate and advance bilateral political and economic cooperation. The discussions focused on the follow-up action on the decisions made at the First Meeting of the Sri Lanka-Oman bilateral consultations held in Muscat in 2014, and new avenues for bilateral cooperation. The two sides agreed to work towards the establishment of business, trade and shipping links between Oman, as a gateway to the Middle East and Sri Lanka, as a hub of the Indian Ocean. A wide range of matters for mutual collaboration in the fields of trade; tourism; immigration and emigration; labour and manpower training; defence; agriculture; higher education; and culture were reviewed and discussed. Moreover, fisheries, sports, oil and gas were identified as new areas for possible future cooperation. It was also agreed to assist the establishment of a Sri Lanka-Oman business council between the National Chamber of Commerce of Sri Lanka and the Oman Chamber of Commerce and Industry. The two sides also agreed to conclude an agreement on promotion and reciprocal protection of investments at the earliest, and to consider entering into a MOU on skills development and mutual recognition of qualifications to facilitate mobility of skilled workers from Sri Lanka to Oman.   The two sides stressed the importance of continuing to work together at regional and multilateral fora for advancing shared interests. Consolidation of bilateral political relations through exchange of high-level visits was also discussed at the meeting.