India-Cyprus tax treaty enters into effect

The revised India-Cyprus tax treaty, signed November 18, has entered into effect, the Indian government has announced.

The revised treaty will come into effect in India for fiscal years beginning on or after April 1, 2017.  The treaty provides for source-based taxation of capital gains arising from alienation of shares except with respect to investments made prior to April 1, 2017.

The agreement replaces an existing treaty signed in 1994,

As expected, India also rescinded its notification of Cyprus as a notified jurisdictional area under section 9A due to lack of effective exchange of information with effect from November 1, 2013

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