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India and Armenia on Wednesday signed a protocol to amend the existing Double Taxation Avoidance Convention between the two countries.
“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,” said a Finance Ministry release.
The amendments will help the two countries to exchange information related to financial and banking transactions under the pact and help in preventing tax evasion.
“It is also expected to further strengthen the efforts of Government of India in curbing generation of black money,” said the Finance Ministry.
The original Double Taxation Avoidance Convention between India and Armenia has been in existence since September 2004.
The Amending Protocol was signed by Central Board of Direct Taxes (CBDT) Chairman AK Jain and Ambassador of Armenia to India Armen Martirosyan, said the Ministry.
Commenting on the Armenia protocol, Amit Jindal, Partner, Felix Advisory, said this move was in line with government’s larger intent of introducing similar clauses (banking information exchange) with all countries to curb money laundering.
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