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Economy

India-Armenia DTAC protocol amended

New Delhi: A protocol to amend the existing Double Taxation Avoidance Convention (DTAC) was signed between the Government of India and its Armenian counterpart here today.

The protocol amends the DTAC between the two countries, which has been in existence since 9 September 2004. It changes the article on exchange of information for tax purposes to bring it in line with the updated provisions in the OECD model. It will enable the two countries to exchange information related to financial and banking transactions under the DTAC, and thereby facilitate them in addressing tax evasion.

The protocol 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(CBDT), on behalf of Government of India and by Armen Martirosyan, Ambassador of Armenia to India, on behalf of the Government of Armenia.

Sirf News Network

By Sirf News Network

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