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On 18 November 2016 Cyprus and India signed a new agreement for the avoidance of double taxation and prevention of fiscal evasion with respect to taxes on income (DTT). Taxand Cyprus provides an analysis of the new DTT.
The new DTT replaces the previous double tax treaty concluded between the two countries in 1994.
The new agreement was ratified by Cyprus and published in the Official Gazette of the Republic on 25 November 2016. The agreement will apply in Cyprus as of 1 January 2017 and in India as of 1 April 2017.
Apart from several modifications, the treaty generally complies with the provisions of the OECD Model Convention of 2010 on the Avoidance of Double Taxation on Income and on Capital, with the main provisions discussed below.
Discover more: New Cyprus-India double tax treaty
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The new DTT has updated provisions in regards to the exchange of information in accordance with international standards, in order to enable the effective mechanism of exchange of banking and financial information between the two countries and to allow the use of such information not only for taxation purposes.