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In-principle agreement reached on all pending issues on Double Taxation Avoidance Agreement between India and Cyprus
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....n-principle agreement reached on all pending issues on Double Taxation Avoidance Agreement between India and Cyprus <br>News and Press Release<br>Dated:- 1-7-2016<br><BR>An official level meeting betw....
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....een India and Cyprus took place in New Delhi on 28 and 29 June, 2016, to finalize the new India Cyprus Double Taxation Avoidance Agreement, wherein all pending issues, including taxation of capital ga....
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....ins, were discussed, and in-principle agreement was reached on all pending issues. It was agreed to provide for source based taxation of capital gains on transfer of shares. However, a grandfathering ....
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....clause would be provided for investments made prior to 1.4.2017, in respect of which capital gains would be taxed in the country of which taxpayer is a resident. These provisional agreements will now ....
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....be placed before the Cabinet for its approval, subsequent to which the new tax treaty can be signed by the two countries. Both sides also discussed the issue of notification of Cyprus under section 9....
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....4A of Income-tax Act, 1961. It was agreed that India will consider rescinding the said notification with effect from 1st November, 2013, and will be initiating the process for the same. Both sides exp....
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....ressed satisfaction with the progress achieved in the meeting, and hoped that it would lead to resolution of all pending matters at the earliest.<BR> News - Press release - PIB....