India Puts Cyprus Dealings Under Heightened Tax Scrutiny

Law360, New York (November 1, 2013, 6:39 PM EDT) -- India invoked a punitive measure in its tax laws Friday that will impose increased scrutiny on business transactions involving companies and individuals in Cyprus, saying the European country has broken its pledge to provide information to India's tax authorities.

India classified Cyprus as a “notified jurisdictional area” under section 94A of the country's tax law, which will subject companies and individuals doing business with the island nation to increased regulation. The move may hinder Indian firms' ability to do business in Cyprus, which has relatively low...
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