Latest media news reveal that Cyprus and India will soon meet a final decision on the revised double tax treaty in place between the two countries sine 1994. Members from the Indian Ministry of Finance are expected to visit Cyprus for the final negotiations as to wrap up the revised treaty.
The amendments of the new treaty will incorporate the provisions of Article 26 of the Organisation for Economic Cooperation and Development Model Tax Convention relating to the exchange of information.
The new treaty is expected to lay new ground for cooperation between the two countries. According to the Indian government, Cyprus is the seventh largest investor in the country, with increasing investments of $7.2 billion during the last 13 years, from April 2000 until December 2013.