According to preliminary reports, amendments to the tax treaty between India and Cyprus will be finalized in the next few weeks. The amendments will apply to the existing treaty between the two countries, which was signed in 1994, and will bring the treaty in line with OECD standards on transparency and exchange of information.
The impetus for revising the agreement was to resolve outstanding issues that led to India declaring Cyprus as a notified jurisdiction. When declared as a notified juri…