Mukesh Butani: Cyprus faces heat over tax treaty

India's action is a significant step for compliance with international transparency standards on exchange of information

Last week, India took a tough stance exercising its legislative powers for promoting transparency and preventing harmful tax competition. Its first axe fell on Cyprus with the Department of Revenue notifying it as a non-cooperative tax jurisdiction with immediate effect. Implications of this administrative circular has deep-rooted consequences and is indicative of India's position in Organisation for Economic Co-operation and Development (OECD)'s global transparency forum, currently chaired by a senior Indian Revenue Service officer. Cyprus - a case of chequered history From ...