On 16 December 2016, the Indian Central Board of Direct Taxes announced the entry into force of the new income tax treaty with Cyprus. The announcement does not indicate the date of entry into force, although local reports state 14 December. The new treaty, signed 18 November 2016, replaces the 1994 tax treaty between the two countries.
Taxes Covered
The treaty covers Cyprus income tax, corporation tax, special contribution for the defence of the Republic, and capital gains tax. It covers…