New Delhi: India and Armenia on 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.
A Protocol to amend the existing Double Taxation Avoidance Convention (DTAC) was signed by both the countries here on January 26, 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.
The Article on Exchange of Information for tax purposes has been amended to bring it in line with the updated provisions in the OECD Model.
"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.
