ARTICLE
5 December 2013

Welcome Progress In Resolving Information Exchange Issues With The Indian Tax Authorities

EN
Elias Neocleous & Co LLC

Contributor

Elias Neocleous & Co LLC is the largest law firm in Cyprus and a leading firm in the South-East Mediterranean region, with a network of offices across Cyprus (Limassol, Nicosia, Paphos), Belgium (Brussels), Czech Republic (Prague), Romania (Budapest) and Ukraine (Kiev). A dynamic team of lawyers and legal experts deliver strategic legal solutions to clients operating in key industries across Europe, Asia, the Middle East, India, USA, South America, and China. The firm is renowned for its expertise and jurisdictional knowledge across a broad spectrum of practice areas, spanning all major transactional and market disciplines, while also managing the largest and most challenging cross-border assignments. It is a premier practice of choice for leading Cypriot banks and financial institutions, preeminent foreign commercial and development banks, multinational corporations, global technology firms, international law firms, private equity funds, credit agencies, and asset managers.
A delegation from Cyprus visited India towards the end of November 2013 in order to resolve the issues that had led to the Indian tax authorities' decision to designate Cyprus as a "notified jurisdictional area" (see our news item dated 12 November 2013).
Cyprus Tax

A delegation from Cyprus visited India towards the end of November 2013 in order to resolve the issues that had led to the Indian tax authorities' decision to designate Cyprus as a "notified jurisdictional area" (see our news item dated 12 November 2013). The talks between the representatives of the two countries focused on effective exchange of information and the renegotiation of the Cyprus-India double tax treaty.

It was agreed that the "notified jurisdictional area" status can be lifted immediately once effective mechanisms are put in place to allow the exchange of information by including the provisions of article 26 of the OECD Model Tax Convention in the Cyprus-India double tax treaty and by improving channels of communication in order to facilitate swift and effective responses to requests for information. Rescission of "notified jurisdictional area" status will have retroactive effect from 1 November 2013, the date when the notification was issued.

Please click here for a link to the Cyprus government's press release on the issue.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More