Dear Editor,
The saga of uncertainty over the revision of India’s tax treaties with Mauritius and Cyprus continues with the result that investors have resorted to a “wait and watch” policy. Although adoption of this policy may gel with the financial crisis currently faced in the international markets, the Indian market has not been affected by this crisis and this stand may prove to be an impediment to Indian growth.
While we all “wait and watch” there is a flurry of news reports attempting to provide an update on the issue. On the Cyprus side, informal reports state that after the completion of rounds of negotiation, the Cypriot authorities have told the Indian authorities that they are not accepting the proposed change in the India-Cyprus tax treaty with regard to the withdrawal of the capital gains tax benefit under the treaty.
On the Mauritius side, there are reports to indicate that no consensus has been reached by the Government of India and Mauritius as to the revision of the treaty, despite the fact that compensation was offered by the Indian government.
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