The Cyprus Tax department announced that Cyprus and India finalised the ratification procedures that were required for the Treaty for the Avoidance of Double Taxation that was signed on 18 November 2016 in Nicosia by Mr Ravi Bangar, High Commissioner of India to Cyprus, on behalf of India and Mr Harris Georgiades, the Minister of Finance on behalf of Cyprus. The provisions of the treaty relate to:
Taxes withheld at source, on all amounts paid or credited on or after 01 Janury 2017
In relation to other taxes, on any amounts of any tax year starting on or after 01 January 2017.
The Double Tax Treaty Agreement between Cyprus and India that entered into force on 14 December 2016 replaced the existing agreement that was signed on 13 June 1994 by both countries.