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India hopes for friendly resolution of tax snag

The government of India is hoping for a ‘friendly resolution’ of the snag that has come up in regard to its double taxation agreement (DTA) with Cyprus, the country’s new ambassador said on Tuesday.

Presenting his credentials to President Nicos Anastasiades at the Palace, Shri Ravi Bangar, High Commissioner of India to the Republic of Cyprus, added that his country was keen to maintain the high level of bilateral relations.

For his part, Anastasiades said Nicosia was looking forward to the completion of negotiations leading to the signing of a revised DTA.

“Any differences that arose cannot, and must not, be allowed to cast a shadow over the development of our relations,” the President told the Indian diplomat.

Anastasiades went on to speak of a number of bilateral agreements that are pending and need to be concluded “within the spirit of mutual understanding.”

Nicosia and New Delhi are currently in the process of renegotiating their DTA after the latter suspended the agreement last November, when India labeled Cyprus a “notified jurisdictional area”, effectively overturning the original tax agreement between the two countries, after deeming that Cyprus had failed to provide information requested by the Indian tax authorities.

The government here scrambled to put out the fire, dispatching a delegation to New Delhi later that same month in a bid to begin smoothing out the differences.

 

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