On 12 January 2024, Czech President Petr Pavel signed the law for the ratification of the new income tax treaty with Sri Lanka. The treaty, signed 3 February 2023, will enter into force once the ratification instruments are exchanged and will apply from 1 January of the year following its entry into force. Once in force and effective, the new treaty will replace the 1978 tax treaty between Sri Lanka and the former Czechoslovakia as it applies in respect of the Czech Republic and Sri Lanka.