It is reported in the IRAS’ website on 4 April 2014 that Singapore has entered into a revised Double Taxation Agreement (“DTA“) with Sri Lanka on 3 April 2014.
Amongst other provisions, the revised DTA provides for lower withholding tax rates on cross-border payments of dividends (7.5%/10%), interest (0%) and royalties (10%) and updates the provisions for determining permanent establishment. It also incorporates the internationally agreed Standard for Exchange of Information for tax purposes.
Kindly note that the DTA will enter into force after its ratification by both jurisdictions.
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