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ARTICLE · 02 DECEMBER 2016

Revised Double Tax Agreement

Elias Neocleous & Co LLC
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Elias Neocleous & Co LLC

Elias Neocleous & Co LLC

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The revised double tax agreement between Cyprus and India was signed on November 18 2016 in Nicosia (for further details please see "Further progress on ratification of new Cyprus-India double tax agreement").

CyprusWealth Management
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As was widely expected following similar changes to India's double tax agreements with Mauritius and Singapore, the agreement provides for source-based taxation of gains from the alienation of shares. However, investments undertaken before April 1 2017 are grandfathered, with taxation rights over gains on the disposal of such shares at any future date remaining solely with the seller's state of residence.

The agreement will enter into force when both countries' legal ratification procedures have been completed and will take effect from the beginning of the following tax year (the calendar year in Cyprus and the year beginning April 1 in India). Therefore, if ratification is completed before the end of 2016, the agreement will apply in Cyprus to:

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