India, Armenia to update double taxation pact
In an effort to reduce disputes related to tax evasion, India and Armenia have agreed to amend the decade-old double taxation avoidance treaty between the two countries.
“A protocol to amend the existing Double Taxation Avoidance Convention was signed by the government of India and the government of Armenia,” Ministry of Finance said in a statement on Wednesday.
The amended protocol will enable the two countries to exchange information related to financial and banking transactions under the Double Taxation Avoidance Convention, thereby facilitating them in addressing tax evasion.
The development is also expected to further strengthen the government’s efforts towards tracking black money stashed abroad.
Central Board of Direct Taxes (CBDT) Chairman Arun Kumar and Armenia’s Ambassador to India Armen Martirosyan signed the amended protocol on the behalf of their respective governments.
“The protocol amends the Double Taxation Avoidance Convention between India and Armenia that has been in existence since September 9, 2004. 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,” the ministry said.
In December 2015, the Indian government had approved the signing of a protocol between India and Slovenia for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to taxes on income.
The amendment was aimed at broadening the existing framework of exchange of tax related information to help curb tax evasion and cases of tax avoidance between India and Slovenia.
January 28, 2015 | 1:03pm IST.
to success.