MINISTRY OF FINANCE
(Department of Revenue)
NOTIFICATION
New Delhi, the 10th January, 2017
S.O.64(E).—Whereas, an Agreement and Protocol between the Government of the Republic of India and the Government of the Republic of Cyprus for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income (hereinafter referred to as the said Agreement and Protocol ) as set out in the Annexure to this notification, was signed at Nicosia, Cyprus on the 18th day of November, 2016;
And whereas, the date of entry into force of the said Agreement and Protocol is the 14th day of December, 2016, being the date of the later of the notifications of completion of the procedures as required by the respective laws for entry into force of the said Agreement and Protocol, in accordance with paragraph 1 of Article 29;
And whereas, paragraph 2 of Article 29 of the said Agreement and Protocol provides that the provisions of the said Agreement and Protocol shall have effect forthwith from the date of entry into force;
Now, therefore, in exercise of the powers conferred by section 90 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies that all the provisions of the said Agreement and Protocol between the Government of Republic of India and the Government of Republic of Cyprus for the avoidance of double taxation and the Prevention of Fiscal evasion with respect to taxes on income as set out in the annexure hereto, shall be given effect to in the Union of India with effect from the 1st day of April, 2017 being the First day of Fiscal year next following the year in which the said Agreement and Protocol entered into force.
[Notification No. 3/2017/F. No. 504/05/2003-FTD-I]
PRAGYA S. SAKSENA, Jt. Secy.
AGREEMENT
BETWEEN
THE GOVERNMENT OF THE REPUBLIC OF INDIA
AND
THE GOVERNMENT OF THE REPUBLIC OF CYPRUS
FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF
FISCAL EVASION
WITH RESPECT TO TAXES ON INCOME
The Government of the Republic of India and the Government of the Republic of Cyprus, desiring to conclude an Agreement for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and with a view to promoting economic cooperation between the two countries, have agreed as follows: