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ARTICLE · 20 DECEMBER 2016

Cyprus Loses The ‘Non-Cooperative Jurisdiction' Tag

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India had notified Cyprus as a ‘non-cooperative jurisdiction' owing to lack of effective exchange of information, vide a notification of the CBDT dated 1 November 2013 under Section 94A of the Income Tax Act, 1961, . . .

IndiaTax
Ritu Shaktawat
Ritu Shaktawat
Ankit Namdeo
Ankit Namdeo
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Cyprus until now

India had notified Cyprus as a 'non-cooperative jurisdiction' owing to lack of effective exchange of information, vide a notification of the Central Board of Direct Taxes (CBDT) dated 1 November 2013 (Notification) under Section 94A of the Income Tax Act, 1961 (IT Act), a provision which enables the Central Government to notify any jurisdiction which does not co-operate in exchange of information. The implications of the Notification inter alia included application of: (i) a minimum withholding tax rate of 30% on payments to persons located/resident in Cyprus (irrespective of a lower rate applicable otherwise); and (ii)  transfer pricing provisions to transactions with Cypriot persons even if otherwise unrelated. The CBDT has now rescinded the Notification, vide its notification dated 14 December 2016 (Rescission Notification).

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