97. Effect of agreements for double taxation relief

relief from income tax;

determining the profits or income to be attributed in Sri Lanka to persons not resident in Sri Lanka, or determining the profits or income to be attributed to such persons and their agencies, branches or establishments in Sri Lanka;

determining the profits or income to be attributed to persons resident in Sri

exchange of information ; or

assistance in the recovery of tax payable.

Every agreement which is approved by a resolution under paragraph (a), shall be published in the Gazette together with a notice that it has been so approved.

In any case where any agreement referred to in paragraph (a) provides that tax payable under the laws of any territory outside Sri

“income” shall be calculated as far as may be in accordance with the provisions of this Act relating to the ascertainment of assessable income, but shall not include any sum payable out of such income by way of interest, annuity, ground rent or royalty;

“Sri Lanka tax” means the amount of income tax payable under this Act before deducting any reliefs under this section, but does not include tax on any sum payable, by way of interest, annuity, ground rent, or royalty out of the income in respect of which the tax is charged.

The Sri Lanka rate of tax shall be ascertained by dividing the Sri Lanka tax by the income on which the tax has been paid or is payable, calculated in accordance with paragraph (a)