AUSTRALIAN TAX TREATIES
The existing taxes to which this Agreement shall apply are:
(a) in Australia:
(i) the income tax; and
imposed under the federal law of the Commonwealth of Australia;
(ii) the tax in respect of profits from offshore petroleum projects,
(b) in Sri Lanka:
the income tax, including the income tax based on the turnover of enterprises licensed by the Greater Colombo Economic Commission. (2)
This Agreement shall also apply to any identical or substantially similar taxes which are imposed under the federal law of the Commonwealth of Australia or the law of the Democratic Socialist Republic of Sri Lanka after the date of signature of this Agreement in addition to, or in place of, the existing taxes. The competent authorities of the Contracting States shall notify each other of any substantial changes which have been made in the laws of their respective States relating to the taxes to which this Agreement applies.
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