Who: India and Armenia
What: Signed a protocol
When: 27 January 2016
Why: To amend the Double Taxation Avoidance Convention
India and Armenia on 27 January 2016 signed a protocol to amend the India-Armenia Double Taxation Avoidance Convention.
Silent features of the Protocol
• It amends the convention between these countries that has been in existence since 9 September 2004.
• It amends the article on exchange of Information for tax purposesto bring it in line with the updated provisions in the Organisation for Economic Co-operation and Development (OECD) Model.
• It will enable the two countries to exchange information related to financial and banking transactions under the Double Taxation Avoidance Convention, and thereby facilitate them in addressing tax evasion.
• It is also expected to further strengthen the efforts of Union Government in curbing the generation of black money.