According to preliminary reports, amendments to the tax treaty between India and Cyprus will be finalized in the next few weeks. The amendments will apply to the existing treaty between the two countries, which was signed in 1994, and will bring the treaty in line with OECD standards on transparency and exchange of information.
The impetus for revising the agreement was to resolve outstanding issues that led to India declaring Cyprus as a notified jurisdiction. When declared as a notified jurisdiction, there is decreased recognition of deductions for transaction with the notified jurisdiction, as well as increased reporting requirements. Once amended, the status of Cyprus as a notified jurisdiction will be rescinded with retrospective effect from November 1st, 2013.
We’re here to answer any questions you have about the Orbitax products and services.
We’re committed to providing high value, low cost tax research and management solutions.
Our Twitter account is where you can find latest information, news updates, offers and lots more.