The Senate Foreign Relations Committee has scheduled for Thursday, October 29, a hearing on pending income tax treaties and Protocols.
The Foreign Relations Committee announcement states the subject of the hearing will be the following tax agreements with:
All but the Protocol with Japan have previously been approved and reported by the Foreign Relations Committee, but have not been considered by the full Senate.
In the United States, ratification requires the advice and consent of the Senate. A signed tax treaty is first referred to the Senate Foreign Relations Committee for consideration. A public hearing for the tax treaty is typically held. The Senate Foreign Relations Committee then reports the treaty with a recommendation to the full Senate.
The Senate Foreign Relations Committee in early 2014 approved and reported tax treaties and/or Protocols with Switzerland, Luxembourg, Hungary, Chile, Spain, and the Protocol amending the OECD convention on mutual administrative assistance in tax matters. However, approval by the full Senate under unanimous consent motions had been blocked by Senator Rand Paul (R-KY).
© 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.