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Cyprus India Double Tax Treaty [Developments]

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CYPRUS INDIA DOUBLE TAX TREATY

News and Updates

HC dismisses plea against blacklisting of Cyprus [29/01/2015]

Cyprus accepts India’s condition [17/09/2014]

India-Cyprus tax treaty talks at an impasse [15/09/2014]

India Reviewing Cyprus Tax Treaty to Reduce Withholding Tax Issues [18/06/2014]

New double taxation avoidance agreement signed by September the latest [6/06/2014]

Finmin officials to visit Cyprus to negotiate tax agreement [24/04/2014]

India-Cyprus double tax avoidance agreement to be finalised soon  [11/02/2014]

Decision to blacklist Cyprus for not providing tax data will hit developers and realty funds [6/02/2014]

India hopes for friendly resolution of tax snag [4/02/2014]

India in Talks with Mauritius and Cyprus to Prevent Tax Base Erosion  [10/01/2014]

India to withdraw order suspending tax benefits [4/12 /2013]

Lex Aspire Journal Vol. 1 – No. 6 December 2013 [12/12/13]

Stricter information sharing in India – Cyprus Treaty [5/12/2013]

Press Release from the Cyprus Ministry of Finance [3/12/2013]

  • The renegotiation of the existing DTT between Cyprus and India which entered into force on 21st December 1994, a new DTT is expected to be finalised soon.
  • It was further agreed that, based on the discussions held, once the notification of Cyprus as a “notified jurisdictional area” under section 94A of the Indian Income-tax Act 1961 is rescinded, it will be with retrospective effect from 1 November 2013, date when the notification of India was issued.

“Cyprus to conform with tax issues to avoid Indian & Russian black-list” [30/11/2013]

Cyprus allays investor fears after India rap”  [11/11/2013]

  • The Minister of Foreign Affairs of the Republic of Cyprus, Mr. Ioannis Kasoulides, held a bilateral meeting with the Minister of Foreign Affairs of India, Mr. Salman Khurshid, in the context of their participation in the Asia – Europe Meeting (ASEM) which took place in New Delhi between 11 – 12 November 2013.
  • The meeting was held in a very positive atmosphere, where the two Ministers reaffirmed the close and historic ties of friendship between Cyprus and India.
  • At the same time, the two sides agreed to remain committed in working together to resolve issues that arose regarding the Agreement on Avoidance of Double Taxation.

Although we are surprised by the unilateral action taken by a friendly state, India, towards Cyprus, we are confident that the matter will be resolved in November as Cyprus is committed to cooperating with India in a review of the Agreement. We are certain that much certainty will be instilled once the matter is resolved that will benefit both India and Cyprus.

1. It is important to stress that the Cyprus India DTT is still valid, further to the announcement made by the Cyprus Ministry of Finance;

2. Cyprus has taken the matter seriously and a visit is due in India in order to review the agreement and overcome the difficulties within November.

3. We are monitoring the matter and have contributed an article to Indian newspaper “Times of India: Cyprus allays investor fears after India rap” in this respect.

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