New Delhi: In a step forward, Cyprus has said it is “very close” to revising the bilateral tax treaty with India as the island nation has accepted “in principle” proposals made by the Indian side on taxing capital gains. Cyprus, a source of significant foreign fund flows into the country, said rising importance of India, both as the “largest emerging economy and a major security player in the new geopolitical chess game, necessitated a serious re-appraisal and upgrading of the bilateral relationship”.
As part of larger efforts to curb illicit fund flows, Indian government has been working on revising tax treaties with various countries, including Cyprus and Singapore. Last month, India announced revising taxation agreement with Mauritius a major source of FDI that would allow levy of capital gains tax on investments coming from that nation. “Cyprus and India are very close to concluding a revised Double Taxation Agreement. The Cyprus authorities have expressed their readiness to the Indian authorities to finalise the revised agreement.
“After final and formal approval by both sides, the new agreement will be ready for finalisation, signing and entry into force,” a Cyprus government official said. Responding to a query on whether both sides have been able to resolve pending issues related to taxation, the official said, the Cyprus authorities have accepted the main proposals submitted by the Indian side, as an indication of good faith. “The few pending issues, including on source-based taxation of capital gains from alienation of shares, have been accepted by both sides, in principle.,” the Cyprus foreign ministry official said in e-mailed responses. PTI
Lupin eyes 25-30 product launches in US this fisca
New Delhi: Drug major Lupin expects to launch up to 30 drugs in the US market in the current fiscal while it awaits approval of around 160 products from the US Food and Drug Administration (USFDA). The Mumbai-based firm said products filings have been made to the US health regulator from company’s Indian as well as overseas facilities. “We are looking at roughly around 25 to 30 launches, 15 out of Somerset and another 15 out of India,” Lupin CEO Vinita Gupta said. PTI
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