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It is just not unlawful to arrange an offshore firm in Cyprus — India signed a revised Double Taxation Avoidance Agreement (DTAA) with Cyprus in December 2016. But Indian corporations use their Cyprus tax residency certificates to keep away from paying tax.
Cyprus Confidential, a worldwide offshore investigation of three.6 million paperwork, lays naked a paper path of entities integrated by the wealthy and highly effective in tax haven Cyprus.
The investigation reveals how entities with offshore residency have been managed from India and directions for monetary transactions in these entities got by people in India.
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It is just not unlawful to arrange an offshore firm in Cyprus — India signed a revised Double Taxation Avoidance Agreement (DTAA) with Cyprus in December 2016. But Indian corporations use their Cyprus tax residency certificates to keep away from paying tax.
The DTAA permits Cyprus, a low tax regime, for use as a jurisdiction for tax planning. Many international buyers arrange funding companies in Cyprus to spend money on India, and the nation is now a substitute for Mauritius.
But the DTAA doesn’t cease the I-T division from denying tax treaty advantages whether it is established that an organization has been inserted because the proprietor of shares in India on the time of disposal of the shares to a 3rd celebration solely with a view to keep away from tax.
© The Indian Express Pvt Ltd
First printed on: 15-11-2023 at 06:00 IST
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