Washington DC – National Foreign Trade Council (NFTC) President Bill Reinsch released the following statement today on the Senate Foreign Relations Committee’s passage of the pending Tax Treaty Protocol agreements with Switzerland and Luxembourg, the Tax Treaties with Hungary and Chile, and the Organisation for Economic Co-operation and Development Multilateral Convention on Mutual Administrative Assistance in Tax Matters.
“We welcome the Senate Foreign Relations Committee’s passage of these tax treaties and protocols, as they will support the movement of trade and investment between the United States and the countries included.
“Tax treaties play a critical role in ensuring a level playing field for U.S. businesses as they engage in global trade, and the NFTC supports treaty policies that prevent double taxation on cross-border investments.
“We commend the Senate Foreign Relations Committee for recognizing the importance of these treaties to U.S. competitiveness, and we urge the Senate to follow suit and pass these agreements as soon as possible.”
On February 26, 2014, NFTC President Bill Reinsch delivered testimony before the Committee recommending ratification of the treaties and protocols under consideration today.