On 18 November 2016, officials from Cyprus and India signed a new income tax treaty that will replace the 1994 tax treaty between the two countries. According to a release from India's Ministry of Finance, the main differences between the old and new treaty include:
- A change to source based taxation of capital gains arising from alienation of shares, instead of residence based taxation (grandfathering clause for investments made prior to 1 April 2017);
- New provisions for assistance in the c…