On 1 November 2013, the Central Board of Direct Taxes (CBDT) issued a press release notifying Cyprus as a non-cooperative jurisdiction for failure to provide information that was requested under the exchange of information provisions in the tax treaty between India and Cyprus.
Highlights of press release
Transfer pricing: Transfer pricing provisions under the Income Tax Act, 1961 (ITA), will apply to all transactions that are entered into with a person in Cyprus.
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