India, Armenia ink protocol amending double taxation avoidance doc

PanARMENIAN.Net - India and Armenia on Wednesday, January 27 signed an amended double taxation avoidance treaty under which both the countries will share information on banking and financial transactions, a move which is expected to curb instances of tax evasion, Business Standard reports.

A Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) was signed by both the countries on Wednesday, a finance ministry statement said.

"The Protocol will enable the two countries to exchange information related to financial and banking transactions under DTAC and facilitate them in addressing tax evasion," the statement added.

"It is also expected to further strengthen the efforts of the government in curbing generation of black money," it said.

DTAC between India and Armenia has been in existence since September 9, 2004.

The Amending Protocol was signed by Central Board of Direct Taxes (CBDT) Chairman A K Jain and Ambassador of Armenia to India Armen Martirosyan.