Cyprus India Double Tax Agreement

The Ministry of Finance of the Republic of Cyprus has announced that Cyprus and India have signed an agreement for the avoidance of double taxation and also the prevention of fiscal evasion with respect to income and taxes.

Specifically, the Ministry announced “On June 29th, 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. The completion of the negotiation and the agreement reached on all pending issues will pave the way for the removal of Cyprus from the list of notified jurisdictional areas place in November 2013. 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 1st of November 2013.”

Furthermore the Ministry noted that “Upgrading and expanding the network of Double Tax Conventions, is of high economic and political importance and aims to further strengthen and attract foreign investment in Cyprus as its standing as an international business center is elevated”.

The agreement between the two countries will further strengthen both political and economic ties and will help attract foreign investment in Cyprus.

Cyprus has an extensive double tax treaty network and this addition enhances the position of the country as an international business center.

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