India, Armenia sign protocol amending Double Taxation Avoidance Convention

New Delhi: A protocol to amend the existing Double Taxation Avoidance Convention was signed by the governments of India and Armenia here on Wednesday.

The protocol amends the Double Taxation Avoidance Convention between India and Armenia that has been in existence since September 9, 2004. The protocol amends the Article on Exchange of Information for tax purposes to bring it in line with the updated provisions in the OECD Model.

The protocol will enable the two countries to exchange information related to financial and banking transactions under the Double Taxation Avoidance Convention, and thereby facilitate them in addressing tax evasion.

It is also expected to further strengthen the efforts of Government of India in curbing generation of black money.

The amending protocol was signed by Arun Kumar Jain, Chairman, Central Board of Direct Taxes, on behalf of Government of India and by Armen Martirosyan, the Ambassador of Armenia to India, on behalf of the Government of Armenia.(ANI)