PARLIAMENT SPECIAL
1)Revised India-Cyprus DTAA approved
The Union Cabinet approved the signing of the revised Double Tax Avoidance Agreement(DTAA) with Cyprus.It is considered as a mojor step in the fight against tax evasion, "round tripping" and "base erosion/profit shifting".
HISTORICAL FACTS:
1)India & Cyprus had entered into a tax treaty in 1994 & are obliged to exchange information.
2)Cyprus is considered a major haven for money laundering, round tripping & profit-shifting.
3)Cyprus was the only country to have been blacklisted by India as a non-cooperative jurisdiction(notified on November 1,2013 by Finance Ministry).
KEY FACTS:
1)It will give India the right to tax capital gains on investments routed through Cyprus.
2)Capital gains will be taxed in India for entities resident in Cyprus, subject to double tax relief.
3)Provides for source-based taxation of capital gains on transfer of shares instead of one based on residence.
5)Also includes a provision for assistance in collection of taxes.
Signing the revised agreement will lead to the avoidance of double taxation prevention, prevention of fiscal evasion and removal of Cyprus from the list of "Notified Jurisdictional Areas".
2)POCSO e-box launched
Protection of Children from Sexual Offences(POCSO) e-box has been launched by the Union Ministry of Women and Child Development in New Delhi.It is an initiative of National Commission for Protection of Child Rights(NCPCR).It is an online complaint management system for easy & direct reporting of sexual offences against children & timely action against offenders under POCSO Act,2012.
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