Cyprus and India are expected to sign an agreement for double taxation avoidance and the prevention of tax evasion with respect to taxes on income on Friday.
The agreement will be signed by Finance Minister Harris Georgiades and India’s High Commissioner to Cyprus, Ravi Bangar.
Following the agreement, Cyprus will be removed from the ‘Notified Jurisdictional Area’ list retroactively from November 1, 2013.
The agreement aims to settle outstanding issues pending for several years, thus offering stability to investors and contributing to the further development of trade and economic relations between Cyprus and India, in addition to other countries.
It is noted that the updating and expansion of the existing network of agreements on double taxation avoidance, which is of great economic and political importance, “further aims to enhance and attract foreign investments and promote Cyprus as an international business centre,” read an official Finance Ministry press release.
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