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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 approval for signing of an Agreement and the Protocol between the India and Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income. This step follows the recent amendment of the Double Taxation A .....

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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 underway for similar changes. ​​ A revised Agreement is proposed to be signed between the Republic of India and the Republic of Cyprus for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income ( D .....

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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 provisions of the proposed DTAA in respect of capital gains will not be applicable on shares acquired at any time prior to 1st April, 2017. The proposed DTAA also enables source based taxation of capital gains from transfer of shares of any company t .....

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