According to recent announcements from both the Cypriot and Indian Ministries of Finance, negotiations concluded for a revised income and capital tax treaty between the two countries on 29 June 2016. The main revision is allowing for source-based taxation on capital gains from the transfer of shares. However, a grandfathering clause is provided for investments made prior to 1 April 2017, in respect of which capital gains would be taxed in the country of which the taxpayer is a resident.
As …