Recently, Palestine ratified the pending Income Tax Treaty with Sri Lanka. The Treaty, signed on 16 April 2012 in Colombo is the first treaty of its kind between the two countries. The treaty provides that dividends, interest and royalties are taxable at a top rate of 10%. The treaty will enter into force once the ratification instruments are exchanged and will apply in Palestine on January 1st following its entering into force; in Sri Lanka only the withholding tax provisions will apply on January 1st following its entering into force; all other tax provisions will apply in Sri Lanka on April 1st following its entering into force.
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