On 19 February 2018, the Senate of the Philippines adopted the resolution for the ratification of the pending income tax treaty with Sri Lanka. The treaty, signed 11 December 2000, is the first of its kind between the two countries.
Taxes Covered
The treaty covers Philippine income taxes and Sri Lanka income tax, including the income tax based on the turnover of enterprises.
Service PE
The treaty includes the provision that a permanent establishment will be deemed constituted when an en…