Washington D.C. – The National Foreign Trade Council (NFTC) yesterday joined leading industry associations urging prompt approval of bilateral income tax treaties and protocols pending before the Senate Foreign Relations Committee through a letter sent to Senate Majority Leader Mitch McConnell and Senate Foreign Relations Committee Chairman James Risch.
The letter, signed by more than 85 companies, highlights the critical role of income tax treaties “in fostering U.S. bilateral trade and investment and protecting U.S. businesses, large and small, from double taxation of the income they earn from selling goods and services in foreign markets.”
“For the past 80 years, the U.S. has pursued tax treaties with foreign trading partners to promote investment and certainty for U.S. businesses operating internationally,” said Cathy Schultz, NFTC Vice President for Tax Policy. “Pending treaties would cover foreign investment of over $1.2 trillion across the country, so hundreds of thousands of jobs rely on swift ratification of these treaties.”
Full text of the letter can be found here.
