India and Armenia has signed a Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) to curb instances of tax evasion.
The Protocol amends the Article on Exchange of Information for tax in the bilateral DTAC signed between India and Armenia and has been in existence since September 2004.
It has been amended to bring it in line with the updated provisions in the Organisation for Economic Co-operation and Development (OECD) Model.
- The amendment Protocol will enable both countries to exchange information related to banking and financial transactions under the DTAC.
- It will facilitate them in addressing tax evasion and help to further strengthen the efforts of Indian Government’s to curb generation of black money.