Cyprus and India completed on the 29th of June their negotiations for a double taxation agreement for the avoidance of double taxation and the prevention of fiscal evasion in regards to taxes on income between the two countries.

According to the agreement there will be source based taxation for gains from the alienation of shares. Moreover, India will retrospectively rescind the classification of Cyprus in the 'Notified Jurisdictional Area' as from 1st of November 2013.

The agreement is expected to help strengthen and promote the financial and trade relations between the two countries.

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