India Confirms Removal of Cyprus as a Notified Jurisdictional Area

The Indian Central Board of Direct Taxes has issued Circular No. 15 of 2017, which confirms that Cyprus has been removed from the list of notified jurisdictional areas with retrospective effect from 1 November 2013. Cyprus was originally classified as a notified jurisdictional area from that date due mainly to inadequate exchange of information under the 1994 tax treaty with India in force at the time. With the entry into force of the new tax treaty between the two countries on 16 December 2…