According to reports in the Indian media, the Cyprus foreign ministry has confirmed that the Cyprus authorities have informed their Indian counterparts that they are ready to finalise the new double taxation agreement between the two countries, having accepted in principle the Indian government's proposed changes regarding the taxation of capital gains.
The Press Trust of India, India's principal news agency, reports that an unnamed spokesman for the Cyprus foreign ministry confirmed that the two countries are very close to concluding a revised agreement and that after formal approval by both governments, the new agreement will be ready for finalisation, signing and entry into force. Responding to a question on whether all outstanding issues have been resolved, the official said that the Cyprus authorities have accepted the main proposals submitted by the Indian side as an indication of good faith, and that they expect the agreement to be signed within the next few months.
The same official also noted that significant new agreements are expected to be announced shortly with regard to cooperation in key sectors including energy, renewables, agriculture and defence.
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