Millennium Post

Govt studying tax-evader info given by Cyprus

India will look at removing Cyprus from the blacklist of countries that do not share details about tax evaders after examining information given by the island nation. India had blacklisted Cyprus last year for not sharing information about tax evaders. “They (Cyprus) have given some information. We are just examining whether information given by them is substantive. if we are satisfied that the information provided is substantive, then matter (of removing Cyprus from Indian government’s blacklist) will be looked at,” the top official said on Thursday. The Finance Ministry had classified the island nation as a notified jurisdictional area on grounds that Cyprus was not providing information requested by tax authorities under the taxation treaty. Following the notification, all payments made to Cyprus attracted a 30 per cent withholding tax and Indian entities receiving money from there were required to disclose the source of funds. 
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