Sri Lanka's Cabinet has issued a release announcing that on 19 February 2020, it approved the signing of an income tax treaty with the Czech Republic, which was initialed on 15 March 2019. The treaty must be signed and ratified before entering into force and, once in force and effective, will replace the 1978 tax treaty between Sri Lanka and the former Czechoslovakia, which continues to apply in respect of Sri Lanka and the Czech Republic.