On June 30, 2016 the Ministry of Finance of Cyprus issued a press release announcing that on June 29, 2016, the negotiation on the Double Taxation Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income between Cyprus and India has been successfully completed, in New Delhi.

 

In the press release issued by the Cypriot Ministry of Finance it has been agreed that, following the entering into force of the amending Agreement the Indian Authorities will proceed with retrospectively rescinding the classification of Cyprus in the 'Notified Jurisdictional Area' as from November 1, 2013.

 

In the press release it is furthermore stated that the agreement reached provides for source based taxation for gains from the alienation of shares; investments undertaken prior to April 1st 2017 are grandfathered with the view that taxation of disposal of such shares at any future date remains with the contracting state of residence of the seller.

 


Copyright – internationaltaxplaza.info

 

 

Follow International Tax Plaza on Twitter (@IntTaxPlaza)

 

and

 

Follow International Tax Plaza on Facebook

 

 

Submit to FacebookSubmit to TwitterSubmit to LinkedIn
INTERESTING ARTICLES