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Cabinet approves Agreement and the Protocol between India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion

News and Press Release - Dated:- 24-8-2016 - India, today took another major step in the fight against tax evasion, round tripping and base erosion/profit shifting . The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its app .....

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voidance Agreement with Mauritius. As in the case of Mauritius, the treaty with Cyprus had provided for residence-based taxation of capital gains. With the revision of the treaty now approved by the Cabinet, capital gains will be taxed in India for e .....

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eal investment flows by artificial diversion of various investments from their true countries of origin, for the sake of avoiding tax. As in the case of Mauritius, this amendment will deter such activities. Negotiations with Singapore are also underw .....

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TAA ) and Protocol to this Agreement, which will replace the existing DTAA signed by both countries on 13th June, 1994. Detailed provisions of the proposed DTAA are summarized as below: The proposed DTAA will align the applicable provisions with the .....

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The proposed DTAA provides for source based taxation of capital gains on transfer of shares, instead of residence based taxation as provided in the existing DTAA. However, the Protocol to the Agreement has a grandfathering provision provide that the .....

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he property of which consists directly or indirectly principally of immovable property situated in a Contracting State. The proposed DTAA also includes a provision for Assistance in Collection of Taxes. It also provides for a revised provision for Ex .....

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ents (PE) that enables source based taxation of business income. The provision on income from Shipping and Aircrafts has been aligned with International standards in the proposed DTAA. Other provisions, including the provisions on Royalty, Fees for T .....

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India s consistent policy and International Standards accepted by India. The Protocol to the Agreement provides clarification about taxation of dividends in India that are subjected to dividend distribution tax, and clarifies that provisions on Assi .....

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