India, Armenia ink double-tax avoidance treaty amendments

New Delhi, Jan 27 (IANS) In the fight against black money stashed abroad, India on Wednesday signed a protocol with Armenia, to make changes to the Double Taxation Avoidance Convention (DTAC) between the two countries.

“The protocol 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,” the union finance ministry said in a release here.

“It is also expected to further strengthen the efforts of the government of India in curbing generation of black money,” it said.

The protocol amends the article on exchange of information for tax purposes in the bilateral DTAC of 2004, to bring it in line with the updations in the Organisation of Economic Cooperation and Development (OECD) model, the statement added.

The confidentiality, or secrecy, clause in such treaties forbids sharing of details obtained under these with other law enforcement and investigation agencies.

India has double-tax avoidance treaties with over 95 countries and plans also to sign with others. The major countries with which it has signed these agreements are the US, Britain, the UAE, Canada, Australia, Saudi Arabia, Singapore, Switzerland, New Zealand and Mauritius.

Leave a Reply

Please enter your comment!

The opinions, views, and thoughts expressed by the readers and those providing comments are theirs alone and do not reflect the opinions of www.mangalorean.com or any employee thereof. www.mangalorean.com is not responsible for the accuracy of any of the information supplied by the readers. Responsibility for the content of comments belongs to the commenter alone.  

We request the readers to refrain from posting defamatory, inflammatory comments and not indulge in personal attacks. However, it is obligatory on the part of www.mangalorean.com to provide the IP address and other details of senders of such comments to the concerned authorities upon their request.

Hence we request all our readers to help us to delete comments that do not follow these guidelines by informing us at  info@mangalorean.com. Lets work together to keep the comments clean and worthful, thereby make a difference in the community.

Please enter your name here